There is more good news on the labor front.
According to Bloomberg on April 8, the U.S. Labor Department reported that the number of job openings posted by employers rose to 4.17 million in the month of February, which was up by 299,000 from the over 3 million job openings in January.
The February job vacancy numbers were the highest in six-years. Jenifer Lee, a senior economist at BMO Capital Markets based in Toronto, told Bloomberg that the job vacancy numbers show that the economy is still gaining strength from the crippling recession of 2008. Lee said:
"Everything is pointing to an improving labor market, which the Feds obviously wants to see. But they want to see much more improvement in the labor markets before they consider the economy is healthy again."
A Bloomberg survey forecast 4.02 million job openings for the month of February, and was surprised that the labor market beat out its own prediction. And things may look even better for March. Janet Yellen, the chairwoman of the Federal Reserve, said that payroll growth and layoffs have returned to pre-recession levels, which will lead the Fed to keep reducing the pace of the stimulus.
But the Fed has also cautioned that the economy still "feels like a recession to many Americans," and that the Fed must do what it can to keep the economy on the right track.
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