04 Mar '11, 3pm

Fall in Feb US unemployment sparks optimism

WASHINGTON : A bumper US employment report published Friday showed the troubled jobs market cranked up a gear last month, raising hopes that a final piece of recovery puzzle is falling into place. The Labor Department said the unemployment rate dipped to 8.9 percent in February from 9.0 percent the month before, while the economy created a solid 192,000 jobs. If that trend continues in the next few months, "the employment situation in the United States would be well on its way to recovery," according to Jason Schenker of Prestige Economics. The job creation numbers were much better than the anaemic 63,000 jobs created in January, and capped three months that have seen the unemployment rate fall by almost a percentage point. Amid rising oil prices, the strong report raised optimism that higher prices can be absorbed without doing too much damage to vital consumer spending a...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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