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Unemployment falls in February

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The U.S. unemployment rate decreased to 7.7 percent in February—the lowest in four years—from 7.9 percent in January as U.S. employers added 236,000 jobs, according to The Washington Post. Analysts had predicted 165,000 jobs would be added in February. The number of jobs added in January was revised to 119,000.

The February job gains mainly were fueled by hiring in the professional and business services, administrative and support services, and construction sectors. The professional and business services sector added 73,000 jobs; construction sector added 48,000 jobs; and administrative and support services sector added 44,000 jobs.

Additionally, the health care sector added 32,000 jobs; retail sector added 24,000 jobs; and manufacturing sector added 14,000 jobs.

The unemployment rate declined in February in part because more unemployed people found jobs; however, a decrease in the number of people looking for work also contributed to the decline.

The job market has added an average of more than 200,000 jobs per month since November 2012. There currently are 12 million unemployed people in the U.S.


3/8/2013

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