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Bernanke Warning on Jobs Vindicated by March Payrolls Report
The Labor Department’s March jobs report may have proved Federal Reserve Chairman Ben S. Bernanke right after he warned that payroll gains might slow as companies adjust staffing for a period of moderate growth. Employers in the U.S. added 120,000 jobs in March, the fewest in five months, the report showed yesterday. The unemployment rate fell to 8.2 percent from 8.3 percent the month before as people stopped looking for work. The March report followed the best six-month streak of job growth since 2006. “Chairman Bernanke should be putting out the world’s biggest ‘I told you so,’” said Phillip Swagel, an ... (full story)