Last updated on September 25th, 2023 at 08:44 pm
The latest economic data released today showed that President Obama continues to smash records by presiding over a 73 straight month of private sector job growth.
Jason Furman, Chairman of the Council of Economic Advisers, said in a statement:
U.S. businesses have now added 14.4 million jobs over 73 straight months, extending the longest streak on record. Today we learned that private employment rose by 195,000 jobs in March. Total nonfarm employment rose by 215,000 jobs in March, in line with the pace of recent months and well above the pace necessary to maintain a low and stable unemployment rate given longstanding demographic trends in labor force participation, which CEA estimates at 80,000 jobs per month. The unemployment rate ticked up to 5.0 percent in March, while the labor force participation rate rose to 63.0 percent, reaching the same level as November 2013. Over the past six months, the labor force participation rate has increased by 0.6 percentage point, the largest six-month increase since 1992. Average hourly earnings for private employees increased 0.3 percent in March, more than reversing their drop in February, and have grown 2.3 percent over the past year.
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The labor force participation rate rose to 63.0 percent in March, the same level as in November 2013, having risen 0.6 percentage point over the last six months. As this increase shows, the strengthening recovery has led more individuals to decide to enter the workforce and search for a job, which in recent months has more than offset longstanding declines in labor force participation from the aging of the U.S. population and other preexisting trends.
“It’s clearly a strong report across the board and I was particularly encouraged by the pickup in labor force participation,†Michelle Meyer, deputy head of United States economics at Bank of America Merrill Lynch, told the New York Times.
For Republicans, the news of a growing economy was another big blow to the party’s dimming hopes of winning back the White House.
House Minority Leader Rep. Nancy Pelosi (D-CA) said in a statement, “While the Do-Nothing Republican Congress continues to tear itself apart over whether its ‘Road to Ruin’ budget plan is brutal enough to seniors, students and hard working families, Democrats are standing for a better vision: help families facing public health crises, grow the paychecks of hard-working Americans, and invest in the future of our country.
The reality is that Republicans are running to “make America great again,” but the country is doing well under President Obama. The President’s rising approval ratings are proof that the economic improvement is not going unnoticed. The presidency of Barack Obama has contained more historic achievements than most, but the one achievement that stands out from the rest is his leadership in transforming an economy that was on the brink of depression into a robust 21st Century growth machine.
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