February and March 2011 mark the first time since 2006 that private employers added more than 200,000 jobs. Good facts indeed.
Net jobs created in March were 216,000 or less than the 230,000 private jobs as a result of a reduction in public sector positions.
The country now has had 7 quarters of solid GDP growth, beginning in July 1, 2009. The recession began in December 2007 and nearly became a depression on September 15th, 2008 when the credit markets froze.
Job loss in October 2008 was 500,000 and 4th quarter 2008 fell by over 5%. January 2009 saw 747,000 jobs destroyed.
The American Recovery and Reinvestment Act was passed on February 17, 2009 that featured a major tax cut that began in April 2009, infrastructure investments, energy investments and support for state and local governments to limit job losses of police, fire, teachers.
Pennsylvania led the nation in smartly putting to work the transportation, water and sewer and energy ARRA funds. The boost is one reason why Pennsylvania ranked third in the nation in creating jobs from February 2010 to February 2011.
The Dow Jones bottomed in March 2009 and has had a huge bull run since then, with corporate profits surging in 2009 and 2010.
By January 2010, job losses had stopped with no gains or losses.
Since January 2010 about 1.5 million jobs have been created. More to do but we are on the right track.
No comments:
Post a Comment