Jobs growth picks up in May after Dem failures

Washington Times:

The economy last month recovered further from its flirtation with recession in the first quarter, with pickups seen in job growth, consumer sentiment and manufacturing, reports showed yesterday.
Consumers reprised the important role they have played in keeping the economy afloat this year amid setbacks in housing, autos and other areas. The secret to their success has been the solid job market, which continued to expand despite the winter pause in economic growth.
Job gains accelerated last month to 157,000 from 80,000 in April, with hiring especially strong in services such as education, health, hospitality, office and professional jobs, the Labor Department reported. The unemployment rate stayed at 4.5 percent and wage growth maintained its 3.8 percent pace over the past year.
The reassuring signs of growth sent stock indexes to new highs yesterday, with the Dow Jones Industrial Average rising 40 points to 13,688.
"These are all good numbers and point to a reasonably healthy economy -- even with the housing slump." said Lawrence Kudlow of Kudlow & Co. "Not too hot, not too cold. Did somebody say Goldilocks?"
Weakness persisted in manufacturing employment last month, despite an acceleration in industrial activity reported by the Institute for Supply Management, with another 19,000 jobs eliminated. Construction, the sector hit hardest by the housing recession, saw no employment gains during the height of the spring construction season.
But the job growth was strong enough to bolster consumer spirits, and they not only thumbed their noses at fast-rising gasoline prices that reached a record $3.23 a gallon last week, but also went on a spending spree despite a rare decline in income during April, the Commerce Department reported. That meant shoppers had to go deeper into debt and dip into their savings to maintain spending, thus driving personal savings back to its record low of -1.3 percent.
"Consumer spending hasn't faltered and it's a very strong labor market," said Mark Vitner, an economist at Wachovia Corp. "The economy appears to be gaining momentum."
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Since Democrats are responsible for most of the bad things that happen in the economy, it is obvious that the take over of Congress depressed the economy for the first three quarter of the year, but as people realized that the Demos were a do nothing bunch who could not move their economy killing agenda the economy picked up. As long as they don't get any more job killer bills like the minimum wage hike, perhaps we can survive a few more months with them in charge of Congress.