From Austan Goolsbee, Chairman of the Council of Economic Advisers
Today’s employment report shows that private sector payrolls increased by 222,000 in February, marking 12 consecutive months of growth that has added 1.5 million jobs at private firms. The unemployment rate fell for the third straight month to 8.9 percent. The 0.9 percentage point drop in the unemployment rate over the past three months is the largest such decline since 1983, and it has been driven primarily by increased employment, rather than falling labor force participation.full story
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The sectors with the largest payroll employment growth were professional and business services (+47,000), education and health services (+40,000), manufacturing (+33,000), and construction (+33,000).
This is strong evidence of a sustained recovery, probability of a double dip recession is dropping significantly. Of particular note ... MANUFACTURING is fighting it's way back from this record downturn. Great news for the folks that actual make something of value. That's means real wealth creation, not just another Wall Street gimic. The US Industrial Sector is on the mend.
