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Turning the Corner

An improving U.S. labor market has convinced President Obama that the domestic economy is “beginning to turn the corner,” though he cautions that a sustained employment boom will take time.

The U.S. in recent weeks has created jobs, rather than shed them, according to a government report that outlined growth of non-farm payrolls in March. –JCL

Reuters:

President Barack Obama hailed new signs of an improving U.S. labor market on Friday as proof that “we are beginning to turn the corner” but warned it would still take time to achieve sustained job growth.

Seeking to maintain momentum after lawmakers approved his cornerstone healthcare overhaul, Obama shifted focus to tackling high unemployment, a problem threatening to damage his Democratic Party’s prospects in November’s pivotal congressional elections.

Obama spoke after a closely watched government employment report showed that non-farm payrolls grew in March, adding 162,000 jobs, the strongest signal yet that the economic recovery is moving onto a more solid footing.

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