According to a CBS News Report unemployment rate for January drop to 9.7%. Eight reasons are listed below.
- A survey of households found the number of employed Americans rose by 541,000
- The figure for November was revised higher to show a gain of 64,000 jobs. That was initially reported as a gain of 4,000.
- January’s job losses were the smallest since the recession began and are down from the huge loss of 779,000 jobs in January 2009.
- The manufacturing sector added jobs for the first time since January 2007. Its gain of 11,000 jobs was the most since April 2006.
- Retailers added 42,100 jobs, the most since November 2007, before the recession began. Temporary help services gained 52,000 jobs, its fourth month of gains
- The average work week increased to 33.3 hours, from 33.2. That indicates employers are increasing hours for their current workers, a step that usually precedes new hiring
- The number of part-time workers who want full-time work, but can’t find it, fell by almost 1 million. That lowered the “underemployment” rate, which also includes discouraged workers, to 16.5 percent from 17.3 percent
- The federal government has begun hiring workers to perform the 2010 census, which added 9,000 jobs
The economy is recovering, though slowly, which is to be expected.
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