Since the employment bottom in February of 2010, the economy has added 1.8m jobs and the private sector has added 2.1m. Most of those jobs were created in the past year, and about a third of them in the last three months. This is not yet the hiring pace one would hope to see after so deep a recession—there are still 13.7m unemployed workers and nonfarm employment remains nearly 7m jobs below the pre-recession peak. But this is better than anything the American economy has seen in years. The last time the private sector added this many jobs in a month was February of 2006—more than five years ago.
[T]he rise in the jobless rate [which ticked up from 8.8 to 9.0] is not irrelevant. Before today, you could have argued that the employer survey was vastly underestimating the pace of job creation — in other words, the job market was healthier than the employer survey suggested even if it wasn’t quite as healthy as the household survey suggested. After today, it’s much harder to make that case.
Ezra Klein compares the unemployment numbers to corporate profits:
It’s not just tempting to say that the recovery has been good for firms and bad for people. It’s true.