Slow but welcome progress for US jobs market

The US economy posted its largest job gain in three years in March, while the unemployment rate remained at 9.7% for the third month in a row, according to figures out today.

The increase is the latest sign that the economic recovery is sustainable and that the job market is beginning to improve. But the jobs healing is likely to be slow, and most economists do not expect new hiring to be fast enough this year to rapidly reduce the unemployment rate.