Jobless Rate Dips to 8.9 Percent, Lowest in Nearly Two Years

[웃 910]

Jobless Rate Dips to 8.9 Percent, Lowest in Nearly Two Years

The unemployment rate fell to 8.9 percent in February, hitting the lowest point in nearly two years as employers started hiring at a faster pace. The Bureau of Labor Statistics reported that several industries, including the manufacturing and construction sectors, saw job gains last month. In all, the economy added 192,000 jobs last month, marking the fastest pace of growth in almost a year. By contrast, state and local governments wrestling with budget shortfalls slashed 30,000 jobs, the most since November. The government's report Friday bolstered hopes that employers will shift into a more aggressive hiring mode and allow the economic recovery to get on firmer footing. The unemployment rate has been falling for three months, down from 9.8 percent in November. The jobless rate is now at the lowest point since April 2009.House Speaker John Boehner called the numbers "welcome news," though he noted that the jobless rate is still "far above where the Obama administration promised it would be" when it pitched the stimulus package to the American people. The number of unemployed people dipped to 13.7 million, almost double the number before the recession. But Boehner called the improvement "a credit to the hard work of the American people" and Congress' vote to stop a tax hike at the beginning of the year. "Now we must build on it by eliminating the job-crushing uncertainty being caused by excessive spending, borrowing, and regulating in Washington," Boehner said. Private employers added 222,000 jobs last month, the most since April. That shows that companies are feeling more confident in the economy and about their own financial prospects. And it bolstered hopes that businesses will shift into a more aggressively hiring mode and boost the economic recovery. When factoring in the number of part-time workers who would rather be working full time and those who have given up looking for work, the percentage of "underemployed" people dropped to 15.9 percent in February. That's the lowest in nearly two years. The positive news on the hiring front comes as the larger economy is gaining momentum. Americans shoppers are spending more. U.S. exporters are selling more abroad. Manufacturing is growing at the fastest pace in nearly seven years. And the service sector, which employs about 90 percent of the work force, is expanding at the fastest clip in more than five years.

The Associated Press contributed to this report.

Read more: http://www.foxnews.c.../#ixzz1FdqwcVLg

Edited March 4, 2011 by Lord Infamous

[Danno 1,228]

I have noted an increase in the local demand for labor over the last few months.

You know, one of these days the economy will recover and just like the guy who does a rain-dance long enough...

Obama can take credit when it happens.

Edited March 4, 2011 by Danno

[Obama 2012 1,714]

8.9%*

*what we meant to say is more people quit looking and 'actual' unemployment went up to 20.6% - but who's counting anyway...

[^_^ 5,021]

U-6 is down to 15.9, actually. It was 17.9 one year ago.

[Zero Sum 305]

Good. It will continue to trend down. It can't come soon enough.

[Mr. Big Dog 10,747]

8.9%*

*what we meant to say is more people quit looking and 'actual' unemployment went up to 20.6% - but who's counting anyway...

• state and local governments wrestling with budget shortfalls slashed 30,000 jobs,
  
• Private employers added 222,000 jobs last month, the most since April.
  
• the percentage of "underemployed" people dropped to 15.9 percent in February. That's the lowest in nearly two years.
  

*what Paul meant to say is that reading is not one the things he does well...

[JohnSmith2007 353]

After two years and trillions of dollars and we just now get below 9%. Obama should be so proud!!!

[Usui Takumi 1,562]

After two years and trillions of dollars and we just now get below 9%. Obama should be so proud!!!

It all depends on where you think the peak unemployment level would have been if the government had spent nothing. If, for instance, you believe unemployment would have spiked to 20% then yes one would think Obama should be proud.

[JohnSmith2007 353]

It all depends on where you think the peak unemployment level would have been if the government had spent nothing. If, for instance, you believe unemployment would have spiked to 20% then yes one would think Obama should be proud.

I honestly think that if we had done nothing that we would be better than we are today. IMO we just set fire to a trillion dollars.

[Zero Sum 305]

I honestly think that if we had done nothing that we would be better than we are today. IMO we just set fire to a trillion dollars.

A tricky, unprovable opinion nonetheless. And to add a layer of analysis to it; quite unrealistic.

[^_^ 5,021]

A tricky, unprovable opinion ....

Those are the best kind!

If Obama was never elected in 2008, my ####### would be a half foot longer today.

[JohnSmith2007 353]

A tricky, unprovable opinion nonetheless. And to add a layer of analysis to it; quite unrealistic.

It is my opinion, this is true. I don't believe in borrowing money that we never seem to be able pay back to stimulate the economy. If we were able to pay the money back I might agree but we never reduce our debt, only add to it. That is just kicking the can down the road. At some point we must face our debt not make it worse. I would be all in favor of a balanced budget ammendment to our constitution. If the lawmakers had to ask for a tax increase every time they wanted to make a new project we would find our budget a lot less bloated.

[Zero Sum 305]

It is my opinion, this is true. I don't believe in borrowing money that we never seem to be able pay back to stimulate the economy. If we were able to pay the money back I might agree but we never reduce our debt, only add to it. That is just kicking the can down the road. At some point we must face our debt not make it worse. I would be all in favor of a balanced budget ammendment to our constitution. If the lawmakers had to ask for a tax increase every time they wanted to make a new project we would find our budget a lot less bloated.

The planet will buckle and the USA will be sucked into the mantle from all this debt.

But yes, agreed. Eventually the spending has to be modest to our means. Unfortunately, balanced budget coding into constitutions usually end up meaning massive layoffs instead of any meaningful budgetary constraint. See Illinois transit agencies as an example.