White House Touts Latest Jobless Figures

President Obama’s top economic adviser said Friday that last month’s unemployment report is a sign that the economy is recovering.

In a blog post that appeared on the White House website, Council of Economic Advisers Chairman Austan Goolsbee pointed out that the jobless rate, which fell slightly to 8.8% in March, shows marked improvement.

“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,” he said.

Goolsbee credited the increase in jobs to business-friendly steps taken by President Obama.

“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.”