Business

OVERNIGHT MONEY: February jobs report arrives as Obama hits the road

by Vicki Needham and Bernie Becker - 03/08/12 11:38 PM ET

The economy added a better-than-expected 243,000 jobs in January, the third time in the last five months it has added at least 200,000 jobs. The unemployment rate fell to 8.3 percent.

Regardless, the numbers need to keep improving through the spring — job growth started off strong a year ago and then hit a snag before dropping off during the summer. The economy continued to add jobs but at a much slower rate, hampering any lowering of the unemployment rate.

{mosads}Need another sign the administration’s feeling confident going into tomorrow? On the heels of the week’s generally positive economic reports, Jan Eberly, the assistant Treasury secretary for economic policy, is scheduled to brief reporters shortly after the February numbers drop.

The private ADP report issued Wednesday showed a gain of 216,000 private-sector jobs in February and initial jobless claims, though up this week, still reflect that employers are looking to hire.

While the unemployment rate has fallen over the last several months, many people are no longer being counted as unemployed because they have given up the search for a job.

If workers are feeling better about their chances of finding a job, that could mean a higher jobless rate last month. Economists are estimating that it could stay the same or rise slightly.

WHAT ELSE TO WATCH FOR

Consumer protection: Attorney General Eric Holder is expected to address a consumer protection summit at the Georgetown University Law Center on Friday.

LOOSE CHANGE

Will the taxman cometh: Sen. Chuck Schumer of New York is among the key Democrats who want to press ahead with legislation codifying the Buffett Rule, named after billionaire Warren Buffett, which would ensure that those making more than $1 million a year pay at least a 30 percent tax rate. The Senate Democrats’ bill on the matter, introduced by Sen. Sheldon Whitehouse (D-R.I.), has roughly a dozen sponsors as well.

But it’s hard to tell when it might come up. Sen. Max Baucus, chairman of the tax-writing Finance Committee, suggested on Thursday that he wants to bring it up, but the Montana Democrat said the Buffett Rule isn’t on his list right now.

WHAT YOU MIGHT HAVE MISSED

— John Boehner might be OK with changing debt deal spending caps.
— Eric Cantor’s meeting with House Budget Republicans fails to solve impasse.
— Rand Paul, Jim DeMint, Mike Lee unveil plan to balance budget in five years.
— Carl Levin’s tax amendment sparks some concerns.
— Tom Coburn’s government waste amendment falls short
— Business groups want some sunshine on Dodd-Frank rulemaking