Great News for a Change: Unemployment Rate Falls to 8.9%
March 4, 2011
(ChattahBox Business News)— It’s Friday, and that means it’s time to celebrate. And why not raise a glass to the very tiny, but very significant drop in the number of Americans out of work? The monthly jobs report is out and it offers encouraging news for the future outlook of our sluggish economy. The unemployment rate dipped to 8.9 percent, which is its lowest rate in two-years. And with job gains for the month of February at 192,000, all signs point to a rebounding economy, albeit at a slower pace than needed. Still, the declining jobless rate for the last three-months represents the quickest turnaround in nearly 28-years. Now, this news calls for an alcoholic beverage. Check your couch cushions for a few spare coins and splurge on a fancy brew in a real glass bottle, instead of a Bud Lite on tap. And toast to your good fortune, because things could be far worse. At least you have a ratty old couch to fall asleep on while watching Gossip Girl, right?
The Labor Bureau report indicates that the manufacturing and construction sectors showed renewed vigor in February.
“Total nonfarm payroll employment rose by 192,000 in February. Job gains occurred in manufacturing, construction, and several service-providing industries. Since a recent low in February 2010, total payroll employment has grown by 1.3 million, or an average of 106,000 per month.”
And the job gains for the previous months of December and January were revised upward, presenting a much rosier picture for the past three-months.
“The change in total nonfarm payroll employment for December was revised from +121,000 to +152,000, and the change for January was revised from +36,000 to +63,000.”
Now, if the House Republicans can refrain from cutting everything in sight, with the result of throwing thousands of people out of work, our beleaguered economy may indeed have a chance to fully rebound.
Hey Boehner, “Where are the jobs?”
Photo Source: Wikimedia Commons/Public Domain