Unemployment rate drops in January

The U.S. unemployment rate fell from 8.5 percent in December 2011 to 8.3 percent in January—the lowest level in nearly three years—as employers added 243,000 jobs, according to The Washington Post.

The unemployment rate has dropped for five consecutive months. Additionally, the economy has generated an average of 201,000 jobs per month during the past three months, which is 50,000 more jobs per month than the economy averaged each month during 2011.

The January report showed encouraging data as pay increased; hiring was strong across many high-paying industries; and the economy added 200,000 more jobs in 2011 than originally reported.

In January, the professional and business services sector added 70,000 jobs; manufacturing sector added 50,000 jobs; leisure and hospitality sector added 44,000 jobs; construction sector added 21,000 jobs; and retail sector added 11,000 jobs.

The government has revised its jobs data for the past five years, showing that hiring was stronger during the past two years than previously reported. The economy added about 1.82 million jobs in 2011—nearly twice as many as in 2010.

There currently are 12.8 million unemployed people in the U.S.

Date : 2/6/2012