U.S. Extends Its Run of Strong Job Growth Another Month Rick Bowmer/Associated Press Job candidates at an employment fair this week in Portland, Ore.
By SHAILA DEWAN In yet another sign of a strengthening recovery, the United States added 227,000 net jobs in February, the third consecutive month of gains over 200,000. The unemployment rate was unchanged from 8.3 percent in January, the Labor Department reported Friday, as nearly a half million people who had been staying on the sidelines rejoined the search for work. The strong job growth numbers could bolster President Obama’s effort to make the case to voters that his economic policies are working. Job gains in January and December were also stronger than previously reported, revised upward by the Labor Department to 284,000 and 223,000 respectively. Average wages, which many economists were watching closely, ticked up as well, from $23.28 an hour to $23.31 an hour, but still trailed inflation. If growth in hiring is accompanied by stronger growth in wages, it could be a sign that unemployment among qualified workers is dropping and that more of the remaining people looking for work are not well-suited for current vacancies. The report followed a flurry of positive economic reports about the American economy, including a continued rise in consumer confidence and growing strength in the manufacturing sector. “We’re at what I think we could characterize as escape velocity,” said Patrick O’Keefe, director of economic research at J. H. Cohn, an accounting and consulting firm. “The jobs recovery will finally have achieved the momentum that is necessary.” The recovery has been here before — last February, March and April saw net gains of more than 200,000 jobs each month. But then the effects of high gas prices, the earthquake in Japan and the resurgence of the fiscal woes in Europe kicked in, slowing job growth to a crawl. “Everyone got burned last year, from being elated over the better economic data only to have their hopes dashed come spring,” said Ellen Zentner, an economist with Nomura Securities International. “If we can get past April and these trends continue, I’ll breathe easy.” This year, the economy appears to be somewhat less vulnerable to shocks. There were 1.4 million more jobs in January than there were last April, and they were spread across more industries and more cities. February’s growth was in manufacturing, professional sectors like law and accounting, hotels and restaurants and mining, though the construction industry was flat after two months of gains. Consumers have paid down some of their debt and begun to make large purchases, particularly cars. And so far, gas prices have not risen enough to dampen spending. Economists cautioned that growth needed to be much stronger, and for much longer, before the unemployment rate declines significantly. But even among the long-term unemployed, some people were beginning to sense a difference. Martin Okekearu, 58, an engineer in Kansas City, Mo., with a master’s degree, has had long dry spells in his eight-month search for work. But in the last two weeks, he said, he has received two promising leads from manufacturing firms in the area. One found his résumé on the local employment center’s Web site. It had been posted there for six months. Mr. Okekearu was relieved that either job would make use of his skills. “My younger son says, ‘Daddy, they talk about somebody educated — you are one of them. They talk about somebody experienced, you are one of them,’ ” he said. “The job market is improving.” Others said it had become easier to find work, but only temporary or freelance work. “My feelings are mixed about the recovery,” said Pam Sexton, 45, also of Kansas City, who was laid off by Sprint in 2009. “So far, I’ve managed to find work, but a full-time, permanent job is somehow elusive to me.” Some economists cautioned that the jobs report might be inflated because of the abnormally warm winter, which has allowed for more construction than usual and a change in consumer spending habits, meaning that in essence February may have robbed April of its normal boost in activity. “Because of the warm winter, there’s a question of how much consumption got pulled into the winter months — hence, you don’t get the normal uptick in spring activity,” said Steven Blitz, the chief economist at ITG, a research firm. More: http://www.nytimes.com/2012/03/10/business/economy/us-added-227000-jobs-last-month-rate-at-8-3.html?_r=1&google_editors_picks=true -- Together, we can change the world, one mind at a time. Have a great day, Tommy -- Together, we can change the world, one mind at a time. Have a great day, Tommy -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more.
