Labor market showing steady improvement

The pace of hiring has picked up recently, averaging about 200,000 jobs a month since late last year.

In February, employers added 236,000 jobs and the unemployment rate fell to 7.7 percent, the lowest level in four years.

Economists are concerned that the growing momentum in the job market may stall out over the next few months because of the implementation of $85 billion in across-the-board spending cuts.

But, if the economy can bear the burden, growth and jobs could pick up again later this year, they argue.