The economy added 290,000 jobs in the month of April, the largest monthly job creation in four years and even more robust than many market watchers had expected. Further, the Bureau of Labor Statistics reported that the economy added 230,000 jobs in March, a major increase from the 162,000 originally reported.
"I will continue to fight to move our country away from the failed Bush economic policies of the past that sided with the special interests, Wall Street banks, and credit card companies over the American people," said Congressman Patrick Murphy. "The fight is certainly not over, but 290,000 new jobs last month -- more than we've seen in the past four years -- is an undeniable signal that our economy is starting to move in the right direction."
More people collecting a paycheck rather than unemployment benefits has a powerful impact on deficits as well, which has led several major banks to scale back their forecasts for this year's federal budget deficit.
And contrary to Congressional Republicans' claims, the report on Friday showed that the vast majority of new hiring occurring has been by the private sector, including in manufacturing (44,000), professional and business services (80,000), health care (20,000), construction (14,000) and leisure hospitality (45,000).
Unemployment figures edged up, though this reflected the fact that many individuals who had given up looking for work resumed job hunting, encouraged by new hiring occurring across the country.
Congressman Murphy's Job-Creation Efforts in the District
* Y-Carbon, Inc.: Rep. Murphy worked to bring a new clean energy company Y-Carbon, Inc. to Bristol Township. Ten new employees now work at the Bridge Business Center in Bristol performing research and development on renewable energy technology and further revitalizing Bristol's old Rohm and Haas chemical company site.
* Small Business Incubator: Rep. Murphy partnered with Drexel University to create a small business incubator at the Bridge Business Center in Bristol Township. Drexel will provide support and resources to help start-up companies get off the ground, focusing on companies conducting cutting-edge research on energy independence and energy security.
* AE Polysilicon: Through the Recovery Act, Rep. Murphy helped to secure over $44 million in tax credits for the creation of green energy jobs in Bucks County. With these $44 million in tax credits, AE Polysilicon can expand their manufacturing technology to develop the next generation of cutting-edge solar panel technology, meeting the need for clean energy products with parts and equipment made in the U.S.A. and decreasing our dependence on foreign oil
* SEPTA Croydon Station Revitalization: Thanks to $12 million in Recovery Act funds to overhaul the Croydon regional rail station on the R7 Trenton line. Twenty-two firms will help with the project, which is expected to create a total of 108 jobs.
What the Experts Are Saying
FORTUNE -- APRIL 16, 2010
* "The economy has made a sharp U-turn in the past couple of months, and better days for American businesses and workers are around the corner three [American business titans including Warren Buffett] tell me that in the past four to eight weeks, they've seen a real change in their businesses, and that indicates better news for the nation's economy."
NEWSWEEK -- APRIL 9, 2010
* "The recovery came quickly because the public and private sectors reacted with great speed. In 2008 and 2009, it took the U.S. just 18 months to conduct the aggressive fiscal and monetary actions that Japan waited for 12 years to carry out."
BUSINESS WEEK -- APRIL 8, 2010
* Even Obama critics such as Phil Swagel, assistant Treasury secretary for economic policy under George W. Bush, acknowledge that White House policies have been successful "their economic policies, including the stimulus, have helped move the economy in the right direction."