Jobs statement for Feb. indicates joblessness declining

The February jobs report, recently issued by the Labor Department, shows that joblessness dropped since the January statement, but the decline was compellingly slight. Joblessness dropped 0.1 percent since January, finishing at the end of February at 8.9 percent nationwide. It is the 3rd month in a row that unemployment has reduced.

Job creation up

The Department of Labor released the February jobs statement. It showed that there was, in February, a small increase in jobs. The unemployment rate reduced by a paltry 0.1 %, from 9 % in January to 8.9 % in February, in accordance with CNN. There were more jobs included to the industry improving quite a bit from Jan. About 192,000 jobs were included. The weather going on in Jan led to fewer jobs being included to the economy. Only 63,000 much more jobs were added in that month. Besides an increase in hiring once the snow relented, December and January jobs reports were revised by the Labor Department to reflect that 50,000 brand new hires had gone previously unreported.

Decreasing joblessness shown for a 3rd sequential month

The decrease in the joblessness pace this month was really nice. It was the third month in a row that it has happened. The rate of joblessness has waxed and waned for the past several years, and there have been declines noted all along the way, however the unemployment pace declined almost an entire percentage point from Dec. to February, marking significant progress. Now the joblessness claims have gotten to a three year low down to 368,000. More than 9 million individuals are claiming unemployment benefits, according to Forbes. In the next few months, increasing gas prices will probably trigger some troubles even though initially the Federal Reserve planned on having a 3.5 to 4 % growth in the economy in 2011.

Difficulties seen with government spending reductions

CBS reports that reducing the federal budget is a goal that many Republicans have in mind although economists are worried that might hurt the unemployment rate some more. Mark Zandi, the chief economist for Moody’s Analytics, predicted the House Republican plan to cut $61 billion from the federal spending budget could result in more than 700,000 people losing their jobs. This projection was mirrored fairly closely by Goldman Sachs. You should bear in mind Zandi claimed the stimulus spending would allow unemployment to stay under 8 % while being one of probably the most supportive people of the stimulus packages.

Information from

CNN

cnn.com/2011/03/04/news/economy/february_jobs_report/

Los Angeles Times

latimesblogs.latimes.com/money_co/2011/03/february-unemployment-jobs-economy-recovery-obama.html

Forbes

blogs.forbes.com/heatherstruck/2011/03/04/jobs-report-at-high-end-of-expectations-unemployment-drops-to-8-9/

CBS News

cbsnews.com/8301-503544_162-20037435-503544.html