There are two things you can say about the recovery: It's slow, and it's remarkably durable. Even with the collapse of fiscal stimulus, the shocks of austerity, and a dysfunctional government, we've seen sluggish growth with just enough to bring down unemployment. And at times-such as the winter between 2011 and 2012-there were signs it was speeding up.
If today's jobs report is any indication, the recovery is-again-speeding up. The economy created 236,000 jobs last month, the largest gain since November, and the second largest gain in over a year. Unemployment edged down to 7.7 percent from 7.9 percent, and average hourly earnings were up 0.2 percent. It should be said that part of the decline in unemployment owes itself to a smaller workforce-the household survey shows unemployment down by 300,000, but employment up by only 170,000. The overall employment-to-population ration is unchanged at 58.6 percent. Even still, this is a good report. Jobs are up significantly in construction and professional work, and the broader measure of unemployment-which includes people not looking for work-is down 0.1 percent to 14.3 percent. Job growth for December was revised from 196,000 to 219,000, while growth for January was revised down to 119,000 from 157,000.
It's worth noting the decline in public employment-there were 10,000 fewer public sector jobs in February. Outside of the Republican Party, it's widely acknowledged that the collapse of public employment (more than 600,000 jobs since Obama entered office) has been a huge drag on the recovery–an "anti-stimulus" of sorts:
If not for this unprecedented decline in public sector work, unemployment might be closer to 7 percent, and approaching pre-recession levels.
This is why it's critical that Washington displace sequestration with something less arbitrary (and preferably nothing at all). The only thing the United States gains from across-the-board cuts in short-term spending is a slower economy and fewer workers. Obama should use this jobs report, and the prospect of others like it, to demand Congress end the sequester and protect the recovery. Insofar that the president needs to show "leadership" (according to centrist pundits), this is exactly what the moment calls for.
