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Finally after months of huge job losses, the U.S. economy got a welcome bost with 162,000 jobs added in March. Despite a large portion of these jobs being temporary workers hired by the Census Bureau the private sector itself added 123,000 jobs last month which was much high then analysts had predicted. Even though all these numbers were added, the overall unemployment rate of the country remained unchanged at 9.7. This is because despite the huge job gains, the economy needs to create at least 125,000 in order to keep pace with natural population growth.

There is still a long road ahead before recovery can gain a solid foothold. The country has lost over 8 million jobs during a two year period and compared to that number, the recent news is just a drop in the bucket. At the current rate it would still take over give years before we were able to consider the effects of the recession erased. Manufacturing added over 17,000 jobs for the third monthi n a row led by fabrication industries. Temporary-help in the private sector added 40,000 jobs in march a well. However the financial services and information technology industries both lost jobs in march. Health care, education and retail all had growth. One of the most promising signs is the consturction sector which finally had positive growth after many months of job losses adding 5,000. Many are counting on the construction industry to be the leader in job growth once the housing market is able to recover.

Obama was careful in his words praising the numbers calling it a “significat milestone”:

We are beginning to turn the corner, This month more Americans woke up, got dressed and headed to work in an office or factory or storefront. More folks are feeling the sense of pride and satisfaction that comes with a hard-earned and well-deserved paycheck at the end of a long week of work.

There are Thirteen states that are still posting double digit unemployment rates including: Florida, California and the District of Columbia and Illinois. Many companies have reported willingness to expand their payroles, however they want to wait until later in the year when there are more signs of a recovery to the overall recovery before they are willing to risk bringing on more help. When demand dropped off at the beginning of 2009 many industries want to see consumer spending rise significantly before investing.