US Unemployment Rate drops to 7.7%
The US unemployment rate in February has dropped to 7.7 per cent from 7.9 per cent in January, sending a strong message of average economy and progress in job market after Barack Obama was sworn-in as the President for second term.
According to recent report announced by the US Labor Department on Friday, the employers have added 236,000 jobs in February despite higher taxes and cuts in the country. The unemployment rate can be estimated as the lowest in four years.
The current government has increased wages, jobs and tried to recover from the economic crisis. The hiring was more than 200,000 per month since November. The decline in unemployment rate signals average economy as compared to previous years of war.
The entire credit goes to Obama, whose deliberate efforts helped the country to stand as strong despite slow economy.
However, the Labor Department did not mention about the jobless rate. The Employment rate might have shown little improvement since September 2012, but the dilemma still continues as the number adults are not looking for job. Job gains were lowered to 119,000 against 157,000 in January.
The survey conducted by the department found solid job growth with 236,000 people added to employer payrolls in February, but 12 million people are still unemployed.
Many economists forecast that decline in the jobless rate and progress on wages will be slow in the coming years. The unemployment rate is expected to be around 7 per cent in 2014 and a bit higher in 2015.