Unemployment rate hits lowest level in almost two years

The U.S. unemployment rate fell from 9 percent in January to 8.9 percent in February—the lowest since April 2009, according to USA Today.

Employers added 192,000 jobs, which is a significant improvement compared with 63,000 jobs added in January. Private employers added 222,000 jobs in February, demonstrating that companies are feeling more confident about the economy and their financial futures.

In February, the construction sector added 33,000 jobs; manufacturing sector added 33,000 jobs; education and health care sector added 40,000 jobs; professional and business services sector added 47,000 jobs; transportation and warehousing sector added 22,000 jobs; and leisure and hospitality sector added 21,000 jobs. State and local governments cut 30,000 jobs.

The unemployment rate has experienced the sharpest three-month decline since 1983, falling from 9.8 percent in November 2010. The number of unemployed people dropped to 13.7 million in February.

Date : 3/4/2011