We continue to see growing signs of economic recovery, resulting from the economic policies of the Democratic-led Congress and the Obama Administration responding to the Bush Recession and the worst financial crisis since the Great Depression. More must be done to create and save jobs, but that latest signs of recovery include:
Nearly 300,000 American jobs were created in April–the largest gain in four years and a sharp turnaround from the nearly 800,000 jobs lost a month under President Bush
GDP is up 3.2% in the 1st quarter of 2010–a year ago the economy shrank 6.4%
Manufacturing is up for the 9th month in a row, reaching a six-year high
Consumer spending is up for the 6th consecutive month, surpassing pre-recession peak
Today, the Wall Street Journal reported:
The U.S. economy should expand at a solid pace this year and next as consumers increase spending, confident the recession is behind them, a panel of economists said…The 46 economists surveyed in the National Association for Business Economics report between April 27 and May 7 predicted U.S. gross domestic product would expand by 3.2% in 2010 and 2011.
Earlier this month, Mark Zandi, the chief economist for Moody's Analytics, explained:
It feels like a light switch went on in many businesses this spring. The job gains in March and April were strong and broad-based across industries.
A brief survey of where we are:
JOBS
In January 2009, before Congress enacted the Recovery Act, Americans lost 779,000 jobs in just one month. A year later, job losses have turned to jobs gains of 290,000 in April–the largest gain in four years and a 1 million job swing from the end of the Bush Administration. This marks the fourth month of job growth with 573,000 American jobs added since December–84 percent in private sector. This is a sharp reversal from the job losses and deep economic crisis President Bush left behind. If job growth continues at this pace, the Obama Administration will create more jobs in 2010, than the Bush Administration created in eight years.
ECONOMIC GROWTH
In the 1st quarter of 2009 starting before President Obama took office, America's GDP fell by 6.4%. One year later, our economy grew by 3.2% for the 3rd straight quarter of economic growth. 9 points in 12 months.
MANUFACTURING
America's manufacturing base has grown for 9 straight months–now at the highest level in nearly six years–with manufacturing jobs being created three months in a row.
CONSUMER SPENDING & RETAIL SALES
Consumer spending is up six months in a row, surpassing the pre-recession peak in March. Retail sales rose for the 7th straight increase and the 12th gain in 13 months in April.
NEW BUSINESS START-UPS
More entrepreneurs launched new businesses in 2009 than at any other time in the past 14 years, with 558,000 new businesses created each month.
HOUSEHOLD WEALTH
Since the Recovery Act took effect, Americans regained nearly 30 percent ($5 trillion) of the $17.5 trillion in household wealth wiped out during the last 18 months of the Bush Administration.
