Big Job Gains Push Unemployment Down
Employers across the United States added a far-better-than-expected 236,000 jobs last month, with gains spread across nearly all private-sector industry groupings, dropping the unemployment rate to 7.7 percent.
Analysts had expected job gains in the area of 170,000 to 180,000, with the unemployment rate staying at 7.9 percent.
Six industry sectors, as measured by the U.S. Bureau of Labor Statistics, posted the largest gains last month, led by professional and business services, which gained an estimated 73,000 jobs. That was followed by construction employment, at 48,000, then education and health services (24,000) leisure and hospitality (24,000), retail trade (23,700) and information (20,000). Manufacturers added a net 14,000 jobs in February, with an 8,000-job pickup in non-durable goods, such as food and chemicals, and 6,000 in the durable goods sector.
U.S. stock markets reacted positively this morning, adding about a quarter-percent to their gains.
WBJ Web Partners
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