February Payrolls Jump, Jobless Rate Near 2-year Low
We still have a long way to go as far as job creation is concerned.
Employers hired workers at the fastest pace in nine months in February and the jobless rate slipped to a nearly two-year low of 8.9 percent, showing the economy is finally kicking into a higher gear.
Nonfarm payrolls increased 192,000, the Labor Department said on Friday, partly bouncing back from a weather-depressed January as private employers hired 222,000 workers, the most since April. The gains were broadly in line with expectations.
Employment rose pretty much across the board — from factories to construction to most service industries. The loss of 30,000 state and local government jobs was an exception.
“It’s belated evidence the expansion is finally beginning to make a dent in the jobs problem that the country has,” said Patrick O’Keefe, head of Economic Research at J.H. Cohn in Roseland, New Jersey. “It’s encouraging but it also highlights how far we have to go to regain our footing.”
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