The U.S. economy is beginning to display signs of moving into a period of sustainable growth U.S. Treasury Secretary Timothy Geithner said with the release of new hire reports for March.
“We have some more work to do, but I think the economy is definitely getting stronger,” the 48-year-old Geithner, said in an interview with Bloomberg today.
While the unemployment rate remains unchanged at 9.7 percent, Labor Department reports released Friday, indicate that hiring increased in March by its highest margin in three years. Payrolls rose by 162,000 for the month as 48,000 temporary workers were hired by the Commerce Department as part of the 2010 census. Private payrolls saw a 123,000 jump last month.
Treasury 10-year notes declined following the reports as investors become less concerned with safety in the dicey market. As a result, the 10-year note yield rose to its highest level since June, tacking on 7 basis points, to 3.95 percent.
The administration is pleased with the movement, recalling January 2009 when the economy lost 779,000 jobs.
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