By Brai Odion-Esene

WASHINGTON (MNI) – President Barack Obama Friday lauded the fact
that 120,000 jobs were added to the economy last month, but cautioned
that the March report underscores there will be “ups and downs” on the
road to a full recovery.

“Right now no issue is greater than restoring economic security for
all our families,” Obama said in remarks at the White House Forum on
Women and the Economy.

He welcomed the latest jobs report, which showed a dip in the
unemployment rate to 8.2% and that the economy has created more than
600,000 jobs in the past three months.

“But, it’s clear to every American that there will still be ups and
downs along the way, and that we’ve got a lot more work to do,” he said.

The president’s chief economic adviser Alan Krueger agreed with
this assessment in a separate statement Friday.

“There is more work to be done, but today’s employment report
provides further evidence that the economy is continuing to recover from
the worst economic downturn since the Great Depression,” Krueger,
chairman the White House Council of Economic Advisers, said.

He noted that while both the establishment and household surveys
indicate the continuing challenges facing construction workers,
manufacturing continues to be “a bright spot.”

Still, Krueger — as he does in every statement following release
of employment data — stressed that the monthly employment and
unemployment figures can be volatile, and can be subject to substantial
revision.

“Therefore, it is important not to read too much into any one
monthly report, and it is helpful to consider each report in the context
of other data that are becoming available,” he said.

U.S. nonfarm payroll employment rose by 120,000 in March, and the
unemployment rate was little changed at 8.2%, from 8.3%, but the lowest
since January 2009, the U.S. Bureau of Labor Statistics reported.

The number of unemployed persons 12.7 million was little changed in
March. Private-sector employment grew by 121,000 in March, government
employment was essentially unchanged.

The number of long-term unemployed (those jobless for 27 weeks and
over) was essentially unchanged at 5.3 million in March.

** MNI Washington Bureau: 202-371-2121 **

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