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Geithner: Sustainable Economic Growth Has Started

March employment numbers indicate sustainable economic growth is underway.  The United States economy is entering an era of sustainable growth as companies begin hiring again.  That’s the opinion of Treasury Secretary Timothy Geithner, who said “I think the economy is definitely getting stronger. We’ve made a lot of progress, we’ve got some work to do still and it’s going to take some time to heal the damage.”

With the news that 162,000 jobs were created in March – the biggest uptick in three years – Geithner believes that the economic recovery is expanding.  The March numbers include 48,000 temporary workers hired by the government to work on the 2010 Census, as well as increases in manufacturing and healthcare.  Private payrolls climbed by 123,000 in March.  The Obama administration is emphasizing the change in the labor market because the economy shed 779,000 jobs in January of 2009, the month the president was inaugurated.

Christina Romer, head of the Obama administration’s Council of Economic Advisors, cautioned that while the report is “the most positive jobs report we have had in three years, there will likely be bumps in the road ahead.”  Alan Krueger, Geithner’s chief economist, sees private-sector hiring as a “healthy sign” that the economic recovery is gaining long-anticipated momentum.

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