Climbing out of an 8-million-job hole
The March employment report shows the best results in three years: 162,000 jobs added to the economy. It was close to what analysts expected. True, the results were probably bolstered by the February snows, which bumped hiring into March, and census hiring. But it sure beats the months of 2009, when losses of half a million jobs per month were common.
Even so, it's barely a beginning of replacing all the jobs wiped out by the Great Recession. The economy has lost 8 million jobs since the downturn began. In March it reinstalled 2 percent of them. Nonetheless, if we get many months of this, pressure will grow on the Federal Reserve to raise short-term interest rates.
Here's a great snapshot of the labor market from Mint, via Big Picture. There are 16 million unemployed Americans, 8 million more than when the recession began. 
Comments
Every month about 100,000 new people enter the workforce. This means the economy must make 100,000 new jobs each month just to break even or hold the unemployment rate steady. The 162k created in March really only gets us ahead by 62k and once you back out the 48k temporarily hired for census work it's essentially nothing.
The most jobs this country ever created was during the Clinton years: an average of 242k/month. Even if we could get back to that robust a level of job growth starting next month, at that rate it would take almost 5 years to dig out of this hole and return to a pre-recession unemployment rate of ~5%.
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