A Promising Report and a Reminder of the Work Yet to Do

Filed in Uncategorized by on March 4, 2011 3 Comments

Our nation’s labor market improved notably in the month of February. Nonfarm payroll employment increased by 192,000, and the unemployment rate decreased to 8.9 percent — exceeding the consensus forecast and adding 60,000 workers to the labor market. Today’s numbers highlight steady, sustained and widespread job growth. The bottom line: The policies and programs of this administration are working.

There is no doubt that the economy we preside over today is better than it was two years ago. An economy that was once shrinking is now growing again. We’ve seen private sector job growth for 12 straight months — adding 1.5 million jobs. And the unemployment rate has dropped nine-tenths of a percent in the last three months — a drop we haven’t seen since the early 1980s. I feel very good about where we’re heading.

Monthly Change in Total Private Employment Since January 2008. Source: Bureau of Labor Statistics, Current Employment Statistics Program

But we know there’s still more work to be done for the millions of people who are either out of work or struggling to offset their rising costs with shrinking paychecks. It’s why President Obama championed a tax package on behalf of American families last year. And it’s why in the last couple of months our recovery has picked up the pace.

In his State of the Union address, President Obama discussed the need to out-innovate, out-educate and out-build our global competitors in order to win the future.

The president knows we must also break down the barriers that stand in the way of the success of American business. He signed export deals with India and China. He has recently finalized a U.S.-Korea trade agreement with unprecedented support from business and labor, and since taking office has signed 17 tax cuts for small businesses into law.

We face big challenges, and fixing them will require a lot of hard work and sacrifice from everyone. But if we’re willing to come together and find common ground on these issues, then we can win the future. We can lay the foundation for American competiveness for years to come and give this generation, and pass on to the next, the type of America that our parents and grandparents left for us.

While the employment situation is clearly improving, my mission remains the same: to create good and safe jobs for everyone. It is what the American people are counting on and a goal we will continue to keep at the forefront of everything we do.

Comments (3)

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  1. Luke Wilbur says:

    Madam Secretary,
    I wish you would discuss the manufacturing sectors the really need improvement. The Director of National Intelligence has initiated preparation of a National Intelligence Estimate to assess the security implications of waning manufacturing activity in America. One trip down the isle of any box retailer will show you nothing is made here. I would appeal to you to start promoting to first start investing and promoting is the American Manufacturing of lighting. I am in the holiday business and I can find no led holiday lights made in USA. We are also now completely dependent on getting light bulbs from other countries. Then bring back television monitors back. I write this so my child can have a shot at the American Dream. God forbid what happens if we go to war with our manufacturers. Does the country go dark?

    All the Best,

    Luke Wilbur

  2. crhome.com says:

    Keep up the good work. Looking forward to more job growth ahead.

  3. Brookfield says:

    Looks like America is heading in the right direction in terms of decreasing unemployment and building jobs. The progress is very encouraging.

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