Jobs Report For February Shows Unemployment Declining

Joblessness has declined since the end of January, in accordance with the newly issued February jobs statement, though by a modest percentage. Unemployment declined 0.1 % through February to 8.9 %. This marks the 3rd consecutive month in which unemployment dropped.

More jobs

The Department of Labor released the Feb. jobs statement. It showed that there was, in Feb., a small increase in jobs. CNN states that from January to February, the unemployment went down to 8.9 % from 9 percent, a 0.1 % decrease. There were a lot more jobs added to the sector improving quite a bit from Jan. About 192,000 jobs were included. The Los Angeles Times reports that about 63,000 jobs were included in January, although weather could be part of this reason. The Labor Department revised December and January work states to say that 50,000 brand new jobs were not reported in there.

Third consecutive month of lowering joblessness

This is the 3rd sequential month that the unemployment rate has gone down. From just December to February, the unemployment rate reduced almost an entire percentage rate which is different from the drop in employment that has occurred all throughout the recession followed by a r

ise. The number of original unemployment claims fell to 368,000 recently, marking a three-year low for new filers. Forbes reports that over 9 million individuals claim benefits. In 2011, a 3.5 to 4 % growth in the economy was anticipated by the Federal Reserve. That might change due to the increasing gas prices though.

Cutting government spending might do much more damage than good

Congressional Republicans are on a mission to drastically cut the federal budget down to size, which some economists believe will negate any progress made toward curbing the high pace of unemployment, according to CBS. About 700,000 people will lose their jobs with the budget cut, states Mark Zandi from Moody’s Analytics. This is if the $61 federal spending budget cut ends up going through. It is very important note that Zandi has supported the stimulus packages much more than most others while saying that stimulus spending would keep unemployment under 8 percent, while Goldman Sachs had a projection similar to this.

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