Stats are in, and it looks like Obama has set yet another record for employment growth in the United States.
Released by the Bureau of Labor, past poll numbers indicated that March made the 61st straight month of job growth—“extending the longest streak on record,” according to Chairman of the Council of Economic Advisers, Jason Furman.
The private sector has added 12.1 million jobs over 61 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 126,000 in March, driven by a 129,000 increase in private-sector employment. This particular month’s job gains were below the recent trend, as job growth in a number of industries slowed somewhat (see point 5). Over the past twelve months, the private sector has added 3.1 million jobs, nearly the highestyear-over-year growth in the recovery so far.
Here is a graph from Furman of the private sector:
Although employment growth slowed beneath the recent trend, is it still a good record streak because hourly earnings are continuing to increase (which is critical for most working Americans). Furman said:
The March employment report reflects a pace of monthly job growth below the recent trend, coming on the heels of February’s strong report,” Furman reported in his findings. The unemployment rate was stable, broader measures of unemployment fell, and hourly earnings continued their rise. A range of factors including the weather and the global economic slowdown have affected economic data for the first quarter. The President has been clear that he will continue to push for policies including investments in infrastructure and relief from the sequester that would help ensure the strong underlying longer-term trends persist.
What drives Republicans crazy? The fact that both President Obama and President Bill Clinton hold consecutive records of private sector job growth- the same sector that Republicans think they’re so-called experts of. Since President Bill Clinton’s 51 consecutive months back in September of 2014, it is evident that 61 straight months is the highest record of private sector job growth in America.
In addition to the promising job growth, weekly earnings have risen “nearly 5% over the last twelve month,” and aggregate earnings are nearly “7 percent above their pre-crisis peak.” Despite the good news, there is always room for improvement. Americans still need to make better wages; those wages have not risen to keep pace with inflation. The Obama economy has been working hard to overcome this issue by working directly with mayors, governors, and private companies to push for a raise to the minimum wage (with no help from the Republican Party).