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March Jobs Report Confirms a Poor First Quarter for the American Economy in 2008

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Publication Date: April 2008

Publisher(s): Heritage Foundation (Washington, D.C.)

Author(s): James Sherk

Series: WebMemo

Topic: Labor (Employment and labor supply)

Keywords: Economy; economy; jobs; employment

Type: Brief

Coverage: United States

Abstract:

The March jobs report shows a weakening economy. However, by historical standards the current job market remains strong. An unemployment rate of 5.1 percent is still lower than the average unemployment rate for the 1970's, 1980's and 1990's. The unemployment rate for previous recessions peaked at much higher level, even reaching double digits for severe economic downturns.