Comment on U.S. Bureau of Labor Statistics Employment Situation Report

Kathy Bostjancic, Director for Macroeconomic Analysis, The Conference Board

Jobs Recovery Finally Underway

Almost two years after the recession officially ended, the labor market appears to finally be picking up. Manufacturing employment, especially in auto assembly, is expanding. Construction, however, is still being held back by problems in the housing sector. The real story is the gain in services as consumer spending settles into a moderate trend. However, consumers worry about how much more it will cost to fill up the gas tank or the grocery cart as wage gains remain too sluggish to provide an offset. So while this latest jobs report is good news, the road to full recovery remains uphill.

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