WASHINGTON: The US unemployment rate fell to 8.3 percent in January, its lowest level in nearly three years, thanks to an unexpected surge in hiring, government data showed Friday.
The economy added 243,000 net jobs last month, the Labor Department reported, much better than the average analyst forecast of 155,000.
Businesses stepped up hiring, adding 257,000 jobs.
The blockbuster jobs report blew past expectations, providing a shot of good news for President Barack Obama's reelection bid.
"Job growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing," the Labor Department said.
Employment by governments, which had been shedding jobs under tight budgets, changed little over the month, it said.
The jobs growth brought down the jobless rate from 8.5 percent in December. Most analysts expected it would hold steady in January.
It was the fifth straight month the jobless rate has declined since August, when it stood at 9.1 percent. The 8.5 percent reading was the lowest since February 2009.
Job creation in January was the strongest since April 2011.
The overall unemployment to population ratio held firm at a low 58.5, around the same level it has been at for more than a year.
The Labor Department upwardly revised the December net jobs figure to 203,000 from an initial estimate of 200,000.
Job gains in the private sector reached almost all sectors, with the exception of information, finance and clothing retailers.
The government shed 14,000 jobs, the weakest pace of layoffs in four months.
indiatimes.com
The economy added 243,000 net jobs last month, the Labor Department reported, much better than the average analyst forecast of 155,000.
Businesses stepped up hiring, adding 257,000 jobs.
The blockbuster jobs report blew past expectations, providing a shot of good news for President Barack Obama's reelection bid.
"Job growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing," the Labor Department said.
Employment by governments, which had been shedding jobs under tight budgets, changed little over the month, it said.
The jobs growth brought down the jobless rate from 8.5 percent in December. Most analysts expected it would hold steady in January.
It was the fifth straight month the jobless rate has declined since August, when it stood at 9.1 percent. The 8.5 percent reading was the lowest since February 2009.
Job creation in January was the strongest since April 2011.
The overall unemployment to population ratio held firm at a low 58.5, around the same level it has been at for more than a year.
The Labor Department upwardly revised the December net jobs figure to 203,000 from an initial estimate of 200,000.
Job gains in the private sector reached almost all sectors, with the exception of information, finance and clothing retailers.
The government shed 14,000 jobs, the weakest pace of layoffs in four months.
indiatimes.com
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