"The job market is in a very deep hole . . . .

The U.S. added 217,000 payrolls last month, the Labor Department reported Friday, finally pushing the total job count above the peak set in early 2008 as the economy entered recession. Yet since that time, the population ages 16 and over (and not in institutions like the armed forces, prisons or nursing homes) rose by about 15 million, many of whom would be working if given the opportunity. . . .

 The peak in the unemployment rate following the 2001 recession was 6.3%, hit in June 2003. {NOTE: That prior 'peak' is the exact same number as the current 'good news' rate released Friday.} . . .

The employment cost index . . . was up 1.8% in the first quarter from a year earlier. . . .

A slow expanding economy with little inflation is an economy at risk."

Summing Up

Putting a politician's spin on the employment situation, I guess the good news is that the jobs news isn't getting any worse and that new jobs are being created.

But truth telling requires an admission that the level of employment isn't getting much better and that the new jobs being created aren't all that great either.

For the score keepers, we've caught up with the total number of jobs that existed in 2008, and we "only" have 15 million more to go to get back to even, considering the growth in the number of potential job seekers since then.

And in addition to that, many of those new jobs are low skilled entry level jobs for which many underemployed workers are overqualified.

Accordingly, while labeling the economy and jobs market as weak isn't much fun at this stage of the so-called "economic recovery," umpires must call 'em as they see 'em.

That's my take.

Thanks. Bob.