Jobs, Jobs, Jobs. How many times have we heard politicians from Congress to the local level bring up jobs — specifically the need for more of them — in any conversation.
Well, how about some positive news on the ubiquitous subject of jobs: There are more of them. The U.S. Labor Department issued a report Friday showing a gain of 203,000 jobs in November pushing the nation’s unemployment rate to a five-year low of 7 percent.
The encouraging jobs report is another piece of evidence of a steadily improving economy. Wages are up, home prices are rising, the stock market is booming and overall economic growth is beating the experts’ predictions.
If hiring continues at its current pace, a virtuous cycle will start to build: More jobs typically lead to higher wages, more spending and faster growth, according to The Associated Press.
What is the biggest threat to the economy and the recent burst of positive economic data? Many Wall Street economists say it is all those politicians talking about jobs. They rate government dysfunction as the leading risk factor for the economy.
With more debt ceiling and budget negotiations looming in early 2014, there is a potential for another government shutdown and more corrosive legislative gridlock.
We hope the politicians consider what’s at stake — including the potential of more jobs — and avoid that scenario.