<P> For the first time since the Great Depression, the economy underwent a "jobless recovery," where GDP growth and corporate earnings returned to normal levels while job creation lagged, demonstrating the importance of the financial and service sectors in the national economy, having surpassed the manufacturing sector in the 1980s . </P> <P> Politically, the stagnant economy would doom President George H.W. Bush in the 1992 election, as Bill Clinton capitalized on economic frustration and voter fatigue after 12 years of Republican stewardship of the White House . Unemployment remained above 7% until July 1993, and above 6% until September 1994 . </P> <P> It was in the spring of 1994 that the U.S. economy finally reached "escape velocity": GDP growth surged and the number of jobs created (3.85 million) set a record that has yet to be surpassed as of 2015 . But 1995 would bring a pause in economic growth, primarily because the Federal Reserve raised interest rates from 3% to 6% beginning in late - 1994 to prevent inflation from rising after such rapid growth along with two government shutdowns that slowed the economy . The pause was short - lived, however, as the economy adjusted and the surge of investment in the Dot - Com bubble would jumpstart the economy beginning in late - 1995 . 1996 saw a return to steady growth, and in May 1997 unemployment fell below 5% for the first time since December 1973 . </P> <P> This prosperity, combined with the Omnibus Budget Reconciliation Act of 1990 and Omnibus Budget Reconciliation Act of 1993 (which raised taxes and restrained spending), allowed the federal government to go from a $290 billion deficit in 1992 to a record $236.4 billion surplus in 2000 . The reduction in government borrowing freed up capital in markets for businesses and consumers, causing interest rates on loans to fall creating a cycle that only reinforced growth . Government debt increased from $5.02 trillion in 1990 to $5.413 in 1997 and flatlined, barely increasing to $5.674 in 2000 . </P>

Which sector of the u.s. economy was responsible for most of the growth in new jobs during the 1990s
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