Jobless Rate Drops to 8.9%
CNN reports:
The U.S. jobs market rebounded in February, and unemployment fell below 9% for the first time in nearly two years, the latest signs of an improving economy.
Nonfarm payrolls rose by 192,000 last month as private-sector employers added 222,000 jobs, the Labor Department said Friday in its survey of employers. The January number was revised to show an increase of 63,000 jobs from a previous estimate of 36,000.
The unemployment rate, which is obtained from a separate household survey, fell to 8.9% last month, the first time it dipped below 9% since April 2009. About 13.67 million people who would like to work can't get a job.
The improvement follows a mixed report from January, when payroll numbers were distorted by bad weather.
Economists surveyed by Dow Jones Newswires had forecast February payrolls would rise by 200,000 and that the jobless rate would inch up to 9.1% from the previous month's 9.0%.
The U.S. unemployment rate fell noticeably in December and January, though it had been at or above 9.0% since May 2009, the longest stretch at such an elevated level since the Second World War. Still, unemployment has dropped markedly from November's 9.8%.
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