With another strong employment report, we have now seen twelve straight months of private-sector job gains above 200,000 -- the first time that has happened since 1977. Moreover, 2014 was the best year for job growth since the late 1990s and 2015 has continued at this pace. But additional steps are needed to continue strengthening wages for the middle class. As outlined in the 2015 Economic Report of the President, the optimal environment for sustained middle-class income growth features policies that grow productivity, promote a more equitable distribution of income, and support labor force participation. The President’s focus on middle-class economics is designed with those goals in mind.
FIVE KEY POINTS IN TODAY’S REPORT FROM THE BUREAU OF LABOR STATISTICS
1. The private sector has added 12.0 million jobs over 60 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 295,000 in February, largely due to a 288,000 increase in private-sector employment. Although private-sector job gains in December and January were revised down, the private employment gains over the past twelve months total 3.2 million—the largest 12-month increase since 1998.
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