published Friday, April 1st, 2011

Unemployment rate falls to 8.8 pct, two-year low

WASHINGTON — The unemployment rate fell to a two-year low of 8.8 percent in March and companies added workers at the fastest two-month pace since before the recession began.

The Labor Department says the economy added 216,000 new jobs last month, offsetting layoffs a local governments. Factories, retailers, education, health care and an array of professional and financial services expanded payrolls.

Private employers, the backbone of the economy, drove nearly all of the gains. They added 230,000 jobs last month, on top of 240,000 in February. It was the first time private hiring topped 200,000 in back-to-back months since 2006 — more than a year before the recession started.

The unemployment rate dipped from 8.9 percent in February to 8.8 percent in March. The rate has fallen a full percentage point over the last four months, the sharpest drop since 1983.

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rockman12 said...

Which means that the true unemployment rate is 20%. The report does not take into account those who have stopped looking for a job or those who no longer quality for unemployment benefits. The formula allows for seasonal adjustment.

April 1, 2011 at 9:01 a.m.
rolando said...

Nor does it count the underemployed.

The article rejoices because our unemployment rate dropped an amazing and mind-boggling one-tenth of one percent. Talk about looking for something -- anything -- positive about our theBama-fed, failing economy.

April 1, 2011 at 9:44 a.m.
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