Recent economic data show more encouraging signs for the economic recovery. However, we aren’t out of the woods yet. Vigilance is required to ensure the correct policy decisions are made to continue the recovery in the short and long-term.
Last week's employment report from the Bureau of Labor Statistics showed the economy added 222,000 private sector jobs last month -- the 12th straight month of employment gains in the private sector.
The employment gains were broad-based. Nearly every sector of the economy gained jobs in February. The manufacturing sector, a barometer of our nation’s global competitiveness, added 33,000 jobs last month and nearly 200,000 since the end of 2009. Health care, a source of employment gains even throughout the recent recession, gained another 34,000 jobs.
While too many Americans are still unemployed, the economy is recovering. The bipartisan tax compromise in December along with earlier actions taken by Congress, including the HIRE Act and the Recovery Act, have helped put the economy onto firmer ground.