Unemployment rate falls to lowest level since 2008
U.S. employers ramped up their hiring in February, helping the unemployment rate to fall to its lowest level since December 2008.
The U.S. economy added 236,000 jobs in February, according to a Labor Department report released Friday. That's much stronger growth than in January, when employers hired a revised 119,000 workers.
Meanwhile, the unemployment rate dipped to 7.7%, as 12 million workers were counted as unemployed.
The unemployment rate fell partly because more people said they got jobs, but also because 130,000 people dropped out of the labor force.
Economists surveyed by CNNMoney had predicted 170,000 jobs were added and the unemployment rate fell to 7.8% in February. Stock futures, which were already higher before the jobs report, rose further following the release.
Private sector employers added 246,000 jobs. The construction sector has been a particularly bright spot, with 48,000 jobs added in February and 135,000 over the past four months. Economists expect construction hiring to continue thanks to the housing recovery.
Employers have been adding jobs for three straight years, but it's happening too gradually for the labor market to return to where it was at the beginning of the Great Recession.
Overall, the U.S. economy lost 8.8 million jobs in the financial crisis, and has only gained back 5.6 million of those jobs since the labor market's height in January 2008. Meanwhile, the population has grown.
The federal government, excluding the postal service, cut 4,200 jobs. It was the fifth straight month for federal job cuts, and more are likely to follow, in the wake of automatic across-the-board spending cuts.
State and local governments cut another 10,000 jobs, mostly in education.
You must have a terrible life. I feel sorry for you....in a way. Everything is doom and gloom with you and any good sign is distorted by you to make it look hopeless. That's why I call you a crybaby. All you ever do is whine. Go out and find some joy in your life - will ya
Show me a good sign and I'll be happy for it. 100,000 jobs added is not good news. I'm a realist, I look at things without the Obama colored sunglasses. We know the market is in for a huge self correction sometime soon and it's not going to be good.
By the way speking the truth is not whining and I have a great life.
Good. I am happy that you can only see the roses but can't see the landfill all around those roses.
What is disturbing is accepting this report as "good news". You bought all the lines Obama feed you on unemployment but gave him a pass when it didn't even come close to what he said was going to happen. Now that things still really are not picking up anything that resembles growth is celebrated as the greatest thing ever. Fair minded individulas look at the numbers for what they are...nothing. Tell me 300,000 jobs were added and only 25,000 stopped looking for work, that is good news.
It is good news that unemployment is down, but with the sequester it is likely to rise again.
I know these stats are important but with the incredible instability of our economy right now, I don't hold much by dips and rises.
Having said that, it seems like there is an effort here by some members to just use whatever bad news that comes our way as an excuse to blame Obama and when their is good news, to simply deny it ot scoff at it. It is not a helpful attitude and it kinda reminds me of Congress.
I do not think Obama is doing a stellar job, I am actually bewildered by him right now, but to place the blame for our ills right now is too simple and ignores all the other factors that have brought us to this economic crisis.
What did Obama say would happen with unemployment if the stimulas was passed? I know Obama does not create jobs but he can help with the atmosphere for job creation and he can help with tax rates. Economy is not rebounding because GOVERNMENT is in the way.
I am not blaming Obama for not creating jobs, but I am showing how his policies are not helping.
Vance, I did not say blame Bush. I said "other factors". Please stop trivializing and changing the meaning of my words.
While the Bush administration's policies are responsible for much of our problem now, I understand that there are other factors. After 911, any President would have gone to war and the cost of war is high. I know that some circumstances were really beyond your man's control.
Stop bringing it back to Bush and Obama. They are only two men.
I am trying to see through the thicket of the thorny present.
I think to be against closing the tax loopholes for corporations is indefensible. Paying taxes is patriotic, Vance, not to fill the covers of the poor or the corrupt but to help run our beloved country.
Reagan saw it, you cannot get more Republican than that guy...
I can only presume that Congress is balking because they owe some of these off the chart rich folks big time.
Go back to the 50's. Eisenhower sounds like a progressive, my goodness Reagan is beginning to sound like a liberal next to these guys in Congress who holding our country hostage.
I am trying to reach some kind of understanding, because I want to learn and I have not always disagreed with your take on things, but I just cannot see why you defend the very people who would kick you under the bus without a second thought.
Full tims employment has dropped. Part time employment is up. And people working more then 1 job is up.
Just some more good news about the jobs report.
I am just being truthful about the situation. If Obama had a (R) next to his name you would see several on this site doing the exact same thing. One exception is I would be inagreement with them instead of trying to cut me down.
rivll-The myth that republicans are for the rich only is getting old and tired. Republicans are for fair taxes and lower taxes to help create revenue for the government so we can balance the budget and pay off the debt. Spending is partly responsible for this issue and spending is not going to get us out of the problem.
It's simple math. If you make $5 and have to pay out $6 what do you do? Try to find a way to pay out less $. After that then you see how you can make more money. You don't make $5 and then start paying $10 because you hope by paying more somehow you will get more money.
230 thousand jobs is good. Sure beats bleeding 800 thou a month. Could it be better? Well it could have been long before now with a little help from our friends. But now? Nah, just watch them pink slips go out and those entitlements get bigger and bigger. Might take awhile, but its coming....
I find this article is deceiving. Vance is correct. It was 106,000 jobs created not 236,000. Don’t get me wrong, I’m grateful for the 106,000 New Jobs but it is, what it is, not 236,000. It also bothers me that their numbers don’t add up (unless I’m reading this wrong). The Article claims, “Private sector employers added 246,000 jobs. The construction sector has been a particularly bright spot, with 48,000 jobs added in February” I’m not a Great Mathematician but I’m smart enough to know 246,000 + 48,000 = 294,000 not 246,000. If I’m reading this correct and they made that big of an error, it’s hard for me to take the article serious.
I see 106,000 new jobs and I said I’m grateful for them, but I refuse to be Gullible.
“The unemployment rate fell partly because more people said they got jobs, but also because 130,000 people dropped out of the labor force.” 236,000- 130,000= 106,000 all day long.
106,000 new jobs are better than nothing but with 12 million people counted as unemployed (we’ll never know the actual #) it hard to get excited over.
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