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January Unemployment Rate Falls to 8.3 Percent as 243,000 Jobs Are Added
|Contributor||Archbishop Katz |
|Last Edited||Archbishop Katz Feb 03, 2012 10:15am|
|Author||LYNEKA LITTLE and SUSANNA KIM |
|News Date||Friday, February 3, 2012 06:00:00 PM UTC0:0|
|Description||The Labor Department said Friday that January unemployment fell to 8.3 percent as employers added 243,000 jobs, a sign that the economy is at long last settling into a stronger recovery. |
Economists had expected the unemployment rate to tick up slightly to 8.6 percent and jobs would rise by 155,000. It was the fifth straight monthly decline for unemployment.
Stephen Bronars, chief economist with Welch Consulting, said the "very strong" report gives reason for optimism.
"This is the best jobs report we have had in years because there were solid gains in many areas," he said. "We need job growth this strong over a sustained period, 24 months, to get employment as a fraction of population close to pre-recession levels."