Clearly, we have a long way to go to dig ourselves out of the economic mess we inherited from the Bush Administration, but with this morning’s employment news, there’s no doubt that the economy is recovering.
A statement by the Chairman of the Council of Economic Advisers, Alan B. Kreuger, is on the “flip.” The bottom line: “Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression.” A few details: “Despite adverse shocks that have created headwinds for economic growth, the economy has added private sector jobs for 24 straight months, for a total of more than 3.9 million payroll jobs over that period.”
So, great news, right? Well, yes, absolutely; that is, if you’re a normal, sane American who wants the economy to recover, people to get jobs, stuff like that. But if you’re a Republican? Based on statements like this one (“Today’s jobs report is yet another reminder that far too many Americans are out of work, and the situation is clearly not improving.”), from RNC Chair Reince Priebus, they desperately want the economy to fail.
Why would that be? Clearly, there’s one overriding reason: Republicans know that an improving economy means a high likelihood that Barack Obama will be reelected in November (see Ezra Klein for more on that subject), and that’s something they can’t stomach. Country before party? Americans’ jobs before the jobs of Republican politicians? When it comes to the Republican’t Party, apparently the motto is “the virtue of selfishness, regardless of the consequences.”
Statement on the Employment Situation in February
WASHINGTON, DC – Alan B. Krueger, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in February. You can view the statement HERE.
The Employment Situation in February
Posted by Alan B. Krueger on March 09, 2012 at 9:37AM EST.
Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the recession that began at the end of 2007, including measures to help the sectors that were most severely harmed by the bubble economy that misdirected investment and created too few durable jobs.
After losing millions of good manufacturing jobs in the years before and during the recession, the economy has added 429,000 manufacturing jobs in the past two years. For the first time since the 1990s, the manufacturing sector is adding jobs. To support a revival in manufacturing jobs and output, the President has proposed tax incentives for manufacturers, enhanced training for the workforce, and measures to create manufacturing hubs.
Private sector payrolls increased by 233,000 jobs and overall payroll employment rose by 227,000 jobs in February. The unemployment rate was unchanged at 8.3%. The unemployment rate has fallen by 0.8 percentage point over the last 6 months.
There was an increase in the size of the labor force last month of 476,000. Importantly, the increase in the labor force last month was due in large part to a reduction in the number of workers who exited the labor force between January and February.
Despite adverse shocks that have created headwinds for economic growth, the economy has added private sector jobs for 24 straight months, for a total of more than 3.9 million payroll jobs over that period. In the last 12 months, 2.2 million private sector jobs were added on net. In the last 6 months, 1.3 million private sector jobs were added, the most of any 6 month period in nearly 6 years.
Sectors with net job increases included health care and social assistance (+61,100), temporary help services (+45,200), leisure and hospitality (+44,000), and manufacturing (+31,000). Construction lost 13,000 jobs, reflecting a loss of 15,400 specialty trade contractor jobs. Employment in the Federal government fell by 7,000 jobs.
The monthly employment and unemployment numbers can be volatile, and employment estimates can be subject to substantial revision. Therefore, as the Administration always stresses, it is important not to read too much into any one monthly report; nevertheless, the trend in job market indicators over recent months is an encouraging sign.