‘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

now, that’s what i call a recovery

Will catch up later – so much good news to report 🙂

AP: Employers hired in February at the fastest pace in almost a year, and the unemployment rate fell to 8.9 percent – a nearly two-year low.

The economy added a net 192,000 jobs. Factories, professional and business services, education and health care were among the sectors that hired…

Private employers added 222,000 jobs last month, the most since April. That shows companies are feeling more confident about the economy and their own prospects. The job gains bolstered hopes that businesses will hire aggressively through the rest of the year and strengthen the economic recovery.

The unemployment rate is now at its lowest point since April 2009. It’s been falling for three months, down from 9.8 percent in November, marking the sharpest three-month drop since 1983.

“These numbers can be sustained and built on,” said Joel Naroff at Naroff Economic Advisors. “Businesses are finally taking some of those profits they are earning and putting them back into the work force.”

More here

President Obama departs the White House en route to Miami to discuss education and attend a fundraiser on March 4

Members of the US Air Forces salute as President Barack Obama, aboard Air Force One, departs from Andrews Air Force Base