US jobs growth seen as ‘significant milestone’

Ross DeVol, the chief research officer at the independent think-tank the Milken Institute, says last week’s American jobs data was a “significant” milestone for the economy.

He notes that last month was the third in succession in which jobs growth has been in the 240,000 region, after the Department of Labor’s figures showed American non-farm employers created 227,000 jobs in February.

The department also revised upwards previous months’ employment gains, amending December’s jobs growth from 203,000 to 223,000 while January’s moved from 243,000 to 284,000. (article continues below)

In addition to gains in employment and wages, the US economics expert says improved consumer balance sheets, strong business investment in equipment and software, and rising exports will allow American GDP to grow 2.6% in 2012 and 2.7% in 2013.