Goolsbee: The full percentage point drop in the unemployment rate over the past four months is the largest such decline since 1984, and, importantly, it has been driven primarily by increased employment, rather than people leaving the labor force. As long as millions of people are looking for jobs, there is still considerable work to do to replace the jobs lost in the downturn. Nonetheless, the steep decline in the jobless rate and the solid employment growth in recent months are encouraging. The last two months of private job gains have been the strongest in five years. We are seeing signs that the initiatives put in place by this Administration – such as the payroll tax cut and business incentives for investment – are creating the conditions for sustained growth and job creation.
Pelosi: For 13 straight months, America’s private employers have added new workers to the rolls. But too many Americans are still out of work – and for 13 weeks, Republicans have been in charge of the House and have done nothing to create jobs. For two years, President Obama and Congressional Democrats took bold steps to get our economy back on-track – and today’s report is a sign that our actions have moved our country in the right direction. But Republicans want to take us in the wrong direction – passing legislation that would destroy more than 1 million jobs. Now is the time for Republicans to join Democrats to create jobs, strengthen the middle class, and responsibly reduce the deficit instead of threatening our economic growth and our families’ economic security.”