Obama welcomes favorable jobs report 

The Obama administration received a shot in the arm Friday with the announcement that unemployment is at its lowest point in two years.

The rate fell to 8.8 percent in March, with the economy adding 216,000 jobs, the Labor Department said Friday. Over the past four months, the unemployment rate has dipped a full percentage point — the sharpest decline since 1983.

The administration took credit for the improved economic forecast, while warning of future fluctuations.

“We are seeing signs that the initiatives put in place by this administration – such as the payroll tax cut and business incentives for investment – are creating the conditions for sustained growth and job creation,” said Austan Goolsbee, chairman of the Council of Economic Advisers, before adding, “The overall trajectory of the economy has improved dramatically over the past two years, but there will surely be bumps in the road ahead.”

Republicans were not swayed by the progress. House Speaker John Boehner, R-Ohio, said, “Washington needs to do more.”

“That means getting control of government spending, ending the threat of tax hikes, removing regulatory obstacles to job growth, and approving stalled trade agreements that would open new markets for American exports,” he said.

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