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Unemployment Dips to 8.9%

That's nearly a two-year low

By the Associated Press

Posted Mar 4, 2011 7:50 AM CST | Updated Mar 4, 2011 7:58 AM CST

(AP) – More good news in February: The unemployment rate dipped to 8.9%—a nearly two-year low—as employers hired at the fastest pace in nearly a year. The economy tacked on 192,000 jobs last month, with factories, professional and business services, education, and health care among those expanding employment. The unemployment rate has been falling for three months, down from 9.8% in November.

Economists expected a strong February report, since fewer people sought unemployment benefits last week than in any week in nearly three years. The sharp decline in applications for unemployment benefits, along with positive reports yesterday from retailers and the service industry, are the latest evidence that hiring will pick up this year. "All signs point to much stronger hiring," says one economist. "I think we finally have a prescription for a better job market."

In this March 1, 2011 photo, Mariam Bario, recently relocated to Seattle from Kenya, fills out an application with others at a job fair, in SeaTac, Wash.
In this March 1, 2011 photo, Mariam Bario, recently relocated to Seattle from Kenya, fills out an application with others at a job fair, in SeaTac, Wash.   (AP Photo/Elaine Thompson)
In this March 1, 2011 photo, Bob Schneider, who lost his job two weeks earlier, fills out a form at a job fair in SeaTac, Wash.
In this March 1, 2011 photo, Bob Schneider, who lost his job two weeks earlier, fills out a form at a job fair in SeaTac, Wash.   (AP Photo/Elaine Thompson)
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COMMENTS
Showing 3 of 16 comments
DalaiLama
Mar 4, 2011 12:26 PM CST
OMG, learn to do some objective reporting. The unemployment rate is NOT falling. The number of people who are looking for work is falling. Huge difference. The real unemployment rate is closer to 20%.
MisterPlinkett
Mar 4, 2011 11:08 AM CST
lies. and what about partial employment? cooked numbers COOKED NUMBERS
NlCK
Mar 4, 2011 9:40 AM CST
Which one of you keeps anonymously posting things from the A.P. about unemployment? Remember the unemployment benefits extension for the long-term unemployed that passed right before Christmas? For people collecting those unemployment benefits, February is around the time that it ended for most of them. You're only counted as unemployed if you can prove that you were laid off/fired through no fault of your own. The percentage of people looking for jobs, needing jobs and people with little to no work is a much higher number. When people completely run out of unemployment benefits, they stop, what they consider, wasting their time filing for unemployment benefits. Because of the ridiculous way that they determine the unemployment number, there is a huge correlation with the unemployment benefits extensions that have been passed in the last few years. Depending on the time periods in which a person files, determines when those benefits run out. The inaccurate number artificially lowers every time a large group of people run out of benefits. Don't they have anyone that knows about statistics and reporting analysis? New positions can be filled by someone jumping from one job to the next. The company that they previously worked at may take their time picking a new person or eliminate the position after a lengthy amount of time. It's like a screwed up game of musical chairs that does not translate to a net increase in jobs even in a scenario where the job creation number is higher than the number of jobs lost. That's just one of many things that can make the number inaccurate. It's sad that the politicians care more about that number reaching 10 than they do about actually creating jobs and preventing job-loss. This allows people to run around blaming victims and pretend that the whole thing is "someone else's problem."

Copyright 2012 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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