U.S. Adds 227K Jobs, Unemployment Steady at 8.3%
The United States added 227,000 jobs last month, the latest signal that the job market is slowly recovering. The unemployment rate remained at 8.3%, according to the Labor Department’s monthly report.
Hiring came across all sectors and pay scales. The higher paying professional services industry added 82,000 jobs. Manufacturing added 31,000 jobs. This widespread hiring suggests an increasingly sustainable recovery, economists say.
The job growth beat economists’ forecast, which called for around 213,000 new jobs. And job creation data was revised up for both December and January, from 203,00 to 223,00 and 243,000 to 284,000 respectively.
The average workweek was unchanged at 34.5 hours, another key indication of an improving employment situation.
America’s unemployment rate now hovers at a February 2009 level. Economists believe the unemployment rate should fall to 8% by the end of the year. Job creation and a low unemployment rate are often cited as the most important signals of economic recovery.
This news likely will inspire further gains in the equities market today. Dow Jones Industrial Average futures advanced 12 points. Nasdaq composite futures rose 2 points. S&P 500 index futures also point up, after advancing 1.2 points.
source: forbes.com
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