Hiring by U.S. employers reached the highest level in nine months during February, sending the jobless rate to the lowest level in nearly two years and boosting hopes that the labor market has turned the corner, according to Reuters. On Friday, the Labor Department reported that employment increased by 192,000 last month, rebounding from a lackluster gain in the first month of the year. The report also showed 58,000 more jobs were created in December and January than had been previously estimated.
The official labor summary showed that the unemployment rate slipped 0.1% to reach 8.9% in February, which is the lowest since April 2009. The jobless rate has dropped nearly a whole point in the last three months. The strong data was led by a 222,000-job increase in private sector payrolls after only a 68,000-job gain the month before. Mohamed El-Erian of Pacific Investment Management Co. said, “The data confirm that labor market condition are gradually improving,” which is a critical barometer for the Federal Reserve in determining monetary policy.
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