Could the country’s jobless recovery finally be turning a corner? All eyes are fixed on the latest employment numbers, which show a slight downtick in jobless claims, putting the unemployment rate at the lowest it has been in two years.
According to USA Today, the unemployment rate fell a tenth of a percent this month, dropping from 8.9% to 8.8%, while 216,000 jobs were added. Unemployment has fallen a full percent since November of 2010.
Still, many analysts are warning people to cautious about the economic stability of the recovery and the new jobs being added. David Mann, of Standard Chartered Bank states:
“It’s slightly better than expected, but it’s nothing to get too excited about. The market was more or less looking for 250,000 or more and that would have more of a lasting impact. But it’s heading in the right direction. We’re creating over 200,000 jobs and the unemployment rate is going down. We expect more to be created the rest of the year.”
Republicans are also downplaying the potential recovery out of fear that it might provide ammunition to the President and the Democratic Party for both reelection and the current budget battle.
House Speaker John Boehner reacted to the report Friday, saying “any improvement in the jobs picture is welcome news for the country, but Washington needs to do more to end the uncertainty plaguing job creators.”
“That means getting control of government spending, ending the threat of tax hikes, removing regulatory obstacles to job growth, and approving stalled trade agreements that would open new markets for American exports,” Boehner said.
January and February job numbers were also updated, with about 7,000 jobs added to each month.
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