Biden predicts economy will create up to 500,000 jobs a month soon

By Garance Franke-Ruta and Frank Ahrens

Vice President Biden predicted Friday at a Pennsylvania fundraiser that the U.S. economy would be adding up to 500,000 jobs each month "some time in the next couple of months."

"All in all we're going to be creating somewhere between 100[,000] and 200,000 jobs next month, I predict," Biden said, according to a pool report, adding that he "got in trouble" for a job growth prediction last month. "Even some in the White House said, 'Hey, don't get ahead of yourself.' Well, I'm here to tell you, some time in the next couple of months, we're going to be creating between 250,000 jobs a month and 500,000 jobs a month."

"We caught a lot of bad breaks on the way down," Biden added. "We're going to catch a few good breaks because of good planning on the way up."

Most forecasters had expected about 200,000 new jobs to be created in March. Instead, a total of 162,000 new jobs were created on non-farm payrolls -- the biggest one-month jobs gain in the past three years, but still well below what economists were predicting.

The difference was largely attributable to fewer people than expected being hired by the government as census workers. But analysts said the numbers also illustrated the slow and wobbly nature of the ongoing economic recovery. A prediction of 500,000 jobs per month would be considered optimistic.

Biden was in Pittsburgh for a brunch fundraiser on behalf of U.S. House candidate Mark Critz, a former aide to the late Rep. John Murtha who is seeking to win his former employer's seat in a May special election.