Saturday, March 5, 2011

February Employment Report - Good News and Better News

The Labor Department today said that the economy added 192,000 jobs last month. Employment in the private sector grew by 222,000 jobs, and while there were a small number of state and local jobs lost, this new report marks 12 consecutive months of private-sector growth and 1.5 million jobs total. The unemployment rate fell to 8.9 percent, representing the largest percentage drop over a three-month period since 1983 and the first time it dipped below 9 percent since April 2009.
Initial claims for unemployment insurance in the U.S. dropped to 368,000 in the week ending February 26, a decrease of 20,000 compared to the previous week figure of 388,000, the U.S. Labor Department said on Thursday.
We had a very solid job report today which clearly shows that the private sector standing back up and that a lot of the initiatives like the bi-partisan tax deal of December are laying the ground work that we can grow. - AUSTAN GOOLSBEE
The nation's economy finally appears to be reaching "escape velocity," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi in New York. He pointed out that Friday's solid jobs report followed encouraging data on auto sales, chain store revenue and other economic barometers.,0,5193184.story
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