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U.S. Jobless Rate Eases to 7.7% As Hiring Accelerates
Employers added 236,000 jobs in America in February compared with an average 195,000 jobs per month in November through January.
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Employers added 236,000 jobs in America in February compared with an average 195,000 jobs per month in November through January.
Economists note that hiring has been steadily improving over the past year from an average of 154,000 jobs per month in the July-October period and 108,000 jobs in April through June.
Last month's jump in hiring cut the U.S. unemployment rate to a four-year-low of 7.7% from 7.9% in January.
Analysts say the job market has been aided by low interest rates and steady improvement in housing, manufacturing, auto sales and corporate profits. The rebound in homebuilding made construction the leading sector in February hiring, with 48,000 new jobs added. Federal, state and local governments shed 10,000 positions.
Job market improvement could boost consumer spending, economists opine. But they say last month's job growth probably won't be enough to persuade the Federal Reserve to rein back its economic stimulus efforts.
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