New U.S. Bureau of Labor Statistics data provide some welcome good news, as employers added 236,000 new jobs in February and the unemployment rate dropped from 7.9% to 7.7%. Even though government cutbacks have slowed economic growth over the winter, this drag on the economy has not resulted in slower employment growth.
I wouldn’t break out the champagne yet, however, as the sharp cuts in government spending implemented a week ago today will add roadblocks to recovery.
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