Unemployment rate drops but jobs fall far short of estimate

The official unemployment rate fell one tenth of a percent to 8.2% but the number of people receiving extended unemployment benefits increased while the number of jobs created fell massively short of the number economists expected. MSNBC: The nation's unemployment rate dipped slightly in March, but the economy's job-creating engine slowed, raising concerns about the strength of the recovery. The Labor Department reported Friday that the economy generated 120,000 jobs last March, well below the 203,000 expected and breaking a streak of robust job reports since the beginning of the year. The unemployment rate fell to 8.2 percent from 8.3 percent in February. A fourth successive month of healthy employment gains would have helped President Barack Obama who faces re-election in November. Even though job growth has been more than 200,000 per month since December and the unemployment rate has fallen from 9.1 percent in August, it remains a little above the...(Read Full Post)