‘the recovery is gaining momentum’

President Obama arrives back at the White House after a trip to Florida  March 4

Washington Post: The missing piece of the U.S. economic recovery – job creation – is finally falling into place.

Employers added 192,000 jobs in February and the unemployment rate edged down to 8.9 percent from 9 percent, marking the third straight month of decline.

The jobs report was the most promising since the recession began more than three years ago and the most solid evidence yet that the recovery is gaining momentum.

….economists and executives see the new data as confirmation of an underlying trend that had been visible anecdotally and in various other surveys: Private employers are gaining confidence and beginning to hire.

…The unemployment rate has now declined nearly a full percentage point since November, the steepest drop over a three-month span since 1983.

Many analysts had viewed the rapid decline in the unemployment rate in December and January as too good to be true, expecting the February number to inch back up to 9.1 percent.

…hiring in the private sector was strong and broad-based. Private employers added 222,000 jobs … Every major sector of private industry except retail added positions….

Since late last year, the monthly reports had provided a muddied picture of the U.S. economy. But the quicker pace of job gains reported Friday now matches other encouraging measures of growth, such as surveys of businesses and weekly reports on unemployment insurance benefits.

“It’s a very fair representation of where the economy is,” said John Silvia, chief economist at Wells Fargo.

Full article here

NYT: “Economic recoveries can be like a snowball rolling down a hill, in that it takes time to get some momentum,” said John Ryding, chief economist at RDQ Economics. “People hesitate until they feel that the recovery’s durable enough, and then they have a tendency to jump in. Maybe we’re finally getting to that jumping-in moment.”

….Threats to a more robust recovery remain, of course, including a surge in energy and food prices, …. but for now, the improvement is notable….

Economists say the unemployment rate could rise temporarily in the next few months, as stronger job growth lures some discouraged workers to look for jobs again…….federal employees may also be at risk of significant layoffs if Republican leaders in Congress are successful with their proposed budget cuts. Economists at Goldman Sachs and elsewhere have warned that such budget cuts could ripple through the economy and lead to layoffs in the private sector.

Full article here

11 Responses to “‘the recovery is gaining momentum’”

  1. 1 Shirley
    March 5, 2011 at 12:03 pm

    You know, I’m having a bit of a problem understanding, that while the job market Is growing and Increasing, which Is a good thing, then we’re going to turn around and cut jobs, have People lose jobs??? Or Is this the “Rethuglicans” Idea now. For a while the “Thuglicans” were asking our Prez, where are the jobs???? So now The House wants to cut jobs??? Help me somebody. Can you please help me to understand? What’s their argument? I mean really, surely most of the American People can see that the “Rethuglicans” don’t mean us, the American People any good. Oh yeah, the House/Rep’s. are fighting for the “RICH & WELL TO DO”, and not for us Middle Class People. But then how do they expect to win In 2012 with that kind of reasoning? How long are the American People going to allow them to take over?? I’m just befuddled here. Anyway, If someone can help me understand, I welcome It. Thank you 🙂

    • 2 Dorothy Rissman
      March 5, 2011 at 1:29 pm

      Shirley, I hate to say this, but what the republicans want most is to destroy PBO being reelected. They know the best way to do that is to keep the unemployment rate high. It literally makes me sick to my stomach to think that none of them are interested in helping people. They only care about power.

      Jim DeMint’s statement some time ago clearly stated that the only thing the the uglies are interested in is destroying Barack Obama.

      • March 5, 2011 at 5:53 pm

        Dorothy, you’ve got it absolutely right — the Republicans want to keep unemployment high, otherwise the President is going to win a second term in a landslide. Not that he won’t win anyway. But the Republicans are hoping for a miracle to save them.

        But if the Obama administration and Obama himself makes it clear that what’s going to knock down recovery and employment levels is the Republicans’ misguided ideas of reducing the deficit on the backs of the working class, and beat on that idea over and over again, that the Republican party is FOR the rich and big corporations and couldn’t care less about the working class American, it will kill them as a force without killing the middle class with it.

        One thing the Democrats can’t take for granted is that voters will be able to see this for themselves — they often don’t, they need help.

        I hope the president and his administration stay firm. I hope they spread this story around like saturation bombing, so to speak, until it permeates the atmosphere. And stays there.

        • 4 Dorothy Rissman
          March 5, 2011 at 8:08 pm

          Joan that is a very good point. I have to admit my one concern with the president is he is not so great about saying what needs to be said. He does not like to brag, and he does not want to talk down to people.
          I think it is about time that he started doing some bragging about himself. Making sure everyone knows how much he cares about unemployment and other social issues that are so important to so many of us.


    • 5 Sue in Minnesota
      March 5, 2011 at 5:41 pm

      Politicususa.com March 4,2011 blog post “The Danger of American Fascism”, Hrafnkell Haroldsson….the similarities to our current Republican Party and their agenda is both glaring and frightening.

      Too many Americans simply do not have a clue.

  2. 6 Carolyn
    March 5, 2011 at 12:38 pm

    The Republicans are showing what they truly are. They are for the wealthy, and the middle class and lower can fall through the cracks, and they don’t care. For the last thirty years they’ve fought the culture wars…abortion,”we’re the true patriots” gay rights…etc, as a a smoke screen for what they are economically. They will always do this when they feel desperate, check out Barry Goldwater in 1964: “Extremism in the defense of liberty is no vice.” This is their pushed into the corner reaction. We on the other side can’t let them get away with it. We must stand up, march and vote these guys out!!! If they have their way, the U.S. will become a second world country.

    They would never admit Eisenhower into their ranks now, nor Teddy Roosevelt, nor Abraham Lincoln. Those presidents were progressive and compassionate, the very opposite of Kasich, Christie, Walker, Gingrich, Palin, Romney, Boehner, Huckabee. Don’t be fooled by Huckabee’s “aw shucks, I’m just a cute Southern boy” persona. Inside, he’s just like the rest. Maybe more so, because he tries to hide it.

    We know we have the right president for this time. We have to support him, and get more to. Remember, the first time voters in 2012, know him and like him. We need to rally the young voters.

  3. 8 ballerina
    March 5, 2011 at 4:34 pm

    Proverbs 21:30 There is no wisdom, no insight, no plan that can succeed against the LORD.

    The repubs can do all they want to this country. it will not work!
    see all they spent the last 2 years doing yet, we have healthcare reform, DADT, financial reform, and a rebounding economy. YES WE CAN!!!

    • 9 V C prezOfan2
      March 5, 2011 at 6:49 pm

      This is actually a ‘perfect’ spot to share the reason why the President has made such good progress on his plans for the country (i.e. a specific explanation of the way his brilliance has shown itself within the toxic climate in which he has to work). You all know how often the ignorant ones try to tell him what he should be doing and how he should be doing it, yet he continues to be successful despite their criticism. Please read this and tell me if you don’t think it’s a great summary of his strategy:-


      • 10 Dorothy Rissman
        March 5, 2011 at 8:10 pm

        I like that site. Just yesterday I bookmarked it. That was a great write up.

      • 11 Sonjia Duncan
        March 6, 2011 at 7:19 am

        I love your remarks on your blog I linked it on OFA for others to read. They had a big discussion from someone against the President and who he was making friends with. I alway thought that he does not do things without thinking of the consequences. He is so friendly to everyone including republicans that it confuses teabaggers they really don’t know who to go after. Beware of the pat on the back.

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