March Jobs Report Haters Living Outside Reality

NEW YORK (TheStreet) -- Don't mistake Friday's stock market tumble as proof that the March jobs report is signaling the worst is yet to come.

The Labor Department reported the U.S. economy added 192,000 jobs, while the unemployment rate remained at 6.7%. Even though payrolls added came in 8,000 below what economists expected, most analysts said this was a good report.

Talk that a record cold winter derailed robust economic growth during the beginning of the year gained influential critics who wondered how long experts could blame the weather before finally realizing that maybe the economy wasn't performing all that well, regardless.

These arguments were evident after the jobs report emerged Friday.

Yet, despite Wall Street whispers of 300,000 jobs added in March, the latest report means that jobs are expanding at a clip of 187,000 over the past 12 months.

"I think this is good news; it's reasonably strong growth, it's better than we've seen in previous months and this will -- if it continues -- do a lot to help the long term unemployment rate," Peter Cappelli, professor of management at The Wharton School, said in an interview.

The long-term share of unemployment dipped to 35.8% from 37%, which is a decent decline that Federal Reserve Chair Janet Yellen says the central bank is monitoring.

Beyond that, economists and analysts are reminding market participants that weather really did slow economic growth, and data in the employment situation proves it.

"I think there's some good news in this report in the sense that this looked like kind of core jobs for the month and not a lot of the weather effects," Darrell Cronk, regional chief investment officer at Wells Fargo Private Bank, said in an interview. "There was a debate about whether the weather effect would happen in March or April, it looks to me like it might be April now."

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