Call 236,000 U.S. gain 'modest'
Economists applauded yesterday's positive national employment report, but said the 236,000 jobs added in February are still a far cry from the numbers needed for robust recovery, especially as the country faces the impact of federal budget cuts.
"You're going to see a continuation of happier numbers, maybe an improvement, but if so, it will be a modest improvement," said Robert Nakosteen, an economics professor at the University of Massachusetts Amherst's Isenberg School of Management. "Not the kind of numbers you see in a normal recovery."
With the surprisingly high number of added jobs last month, the unemployment rate dropped two-tenths to 7.7 percent as more hiring took place and more people without jobs stopped looking for work.
The positive Labor Department report helped send the Dow Jones industrial average above 14,397, the fourth time in one week it broke its all-time high. Several sectors, including professional and business services, health care, retail and construction, all saw job gains.
Employment has risen by an average of 195,000 jobs over the past three months.
Nigel Gault, chief U.S. economist for IHS Global Insight, said sustained growth of 200,000 to 250,000 jobs each month would indicate a "much more vigorous" economy, yet historically the United States has been unable to hit that kind of stride for a substantial period of time.
"We had periods where we did that for two or three months and things slowed down again," he said. "I suspect, because of the sequester, the impact is we won't sustain job growth above 200,000 (a month) this year, but I think there's a good chance we can do it next year."
David Tuerck, executive director of Suffolk University's Beacon Hill Institute, said that despite the encouraging figures, the United States still lacks 4.9 million jobs compared to labor force conditions in place when President Obama was inaugurated in 2009.
"We remain stuck in a soft economy and the policies coming out of Washington are guaranteed to make things worse," he said.
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