Sunday, April 24, 2011
http://www.thehindu.com/news/international/article1592005.ece
From The Hindu
Marking a continuing improvement in job market conditions in the United States, the economy added 216,000 jobs in March, according to the monthly report of the U.S. Bureau of Labour Statistics.
The news would cheer the Obama administration, for which job creation is likely to be the top priority for the remainder of this year.
Reacting to the report Austan Goolsby, Chairman of President Barack Obama’s Council of Economic Advisors, said, “Today’s employment report shows that private sector payrolls increased by 230,000 in March, marking 13 consecutive months of private employment growth. Private sector employers added 1.8 million jobs over that period, including more than half a million jobs in the last three months.”
While expressing optimism that the unemployment rate had fallen for the fourth straight month to 8.8 per cent, he cautioned that, “as long as millions of people are looking for jobs, there is still considerable work to do to replace the jobs lost in the downturn.”
Mr. Goolsby also lauded specific stimulus policies of the administration for boosting jobs, arguing, “We are seeing signs that the initiatives put in place by this Administration – such as the payroll tax cut and business incentives for investment – are creating the conditions for sustained growth and job creation.”
According to economists, while a sustained improvement in the job market would benefit Mr. Obama’s prospects of re-election in 2012, most estimates, even those of the White House, do not place the unemployment rate at anything below eight per cent until 2013.
Mr. Goolsby also warned that while the overall trajectory of the economy had “improved dramatically over the past two years,” there would “surely be bumps in the road ahead.”
Marking a continuing improvement in job market conditions in the United States, the economy added 216,000 jobs in March, according to the monthly report of the U.S. Bureau of Labour Statistics.
The news would cheer the Obama administration, for which job creation is likely to be the top priority for the remainder of this year.
Reacting to the report Austan Goolsby, Chairman of President Barack Obama’s Council of Economic Advisors, said, “Today’s employment report shows that private sector payrolls increased by 230,000 in March, marking 13 consecutive months of private employment growth. Private sector employers added 1.8 million jobs over that period, including more than half a million jobs in the last three months.”
While expressing optimism that the unemployment rate had fallen for the fourth straight month to 8.8 per cent, he cautioned that, “as long as millions of people are looking for jobs, there is still considerable work to do to replace the jobs lost in the downturn.”
Mr. Goolsby also lauded specific stimulus policies of the administration for boosting jobs, arguing, “We are seeing signs that the initiatives put in place by this Administration – such as the payroll tax cut and business incentives for investment – are creating the conditions for sustained growth and job creation.”
According to economists, while a sustained improvement in the job market would benefit Mr. Obama’s prospects of re-election in 2012, most estimates, even those of the White House, do not place the unemployment rate at anything below eight per cent until 2013.
Mr. Goolsby also warned that while the overall trajectory of the economy had “improved dramatically over the past two years,” there would “surely be bumps in the road ahead.”
Labels: U.S. employment, U.S.economy
# posted by Narayan Lakshman @ 9:53 AM 
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