Job Growth Picks Up
A separate Labor Department report, released on March 8, showed that the nation’s unemployment rate fell to 7.7 percent in February, as employers created 236,000 jobs.
Job growth has picked up in recent months, with employers adding on average 205,000 positions monthly since October, up from 152,000 a month in the third quarter last year and 108,000 last spring.
“It’s clear that the job market is steadily healing,” says Mark Zandi, chief economist at Moody’s Analytics.
“The private sector is in very good shape, steadily improving, month by month, quarter after quarter,” adds Zandi.
Key Drivers of Economic Growth
“What’s changed in the economy is that the key cyclical drivers of economic growth are kicking in,” says Wells Fargo Securities economist Mark Vitner, noting the gains in the automobile and housing markets. “We are further along the recovery process than many people realize.”
The fact that consumer spending — which accounts for 70 percent of the nation’s economy — hasn’t slowed yet is definitely good news,” says Ben Herzon, an economist at the forecasting firm Macroeconomic Advisers, one of several forecasting firms that have raised their projections for economic growth this quarter.
Consumer confidence is also improving as stock prices have soared and home prices have finally started to climb across the country. When consumers feel wealthier, they tend to spend more.
Ref : http://data.bls.gov/timeseries/LNS14000000