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Unemployment rate falls to 2-year low!


Abridged: The Associated Press

WASHINGTON, D.C. -- The unemployment rate fell to a two-year low of 8.8% in March, capping the strongest two months of hiring since before the recession began. The economy added 216,000 jobs last month, the Labor Department said recently. Factories, retailers, the education and health care sectors and professional and financial services all expanded payrolls. Another month of brisk hiring provided the latest sign that the economy is strengthening.

Private employers drove the gains by adding more than 200,000 jobs for a second straight month. The unemployment rate dipped from 8.9% in February. Economists predict employers will continue to add jobs at roughly the same pace for the rest of this year. That would generate about 2.5 million new positions. Local governments cut 15,000 workers last month and are expected to keep shedding jobs. Workers' paychecks were flat in March. Average hourly earnings held steady at $22.87. The number of unemployed people dipped to 13.5 million in March. The percentage of "underemployed" people dropped to 15.7 percent in March.

Professional and business services, including accountants, bookkeepers, engineers and computer designers, added 78,000 positions. Factories added 17,000 jobs, marking the fifth straight month of gains. Retailers added nearly 18,000 jobs. Financial services expanded payrolls by 6,000. Education and health services expanded employment by 45,000, leisure and hospitality added 37,000 jobs.


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