For the fifth straight month unemployment rate goes down

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Hiring up, unemployment down. Both trends continue for the fifth straight month after economists expected the opposite result.

The unemployment rate is now at 8.3%, the lowest it’s been since February 2009, as the private sector has added 243,000 jobs in the month of January.  This continues improvement from December which saw 203,000 jobs added.

Economists surveyed by CNNMoney had projected 130,000 jobs added in the month, and that the unemployment rate would likely go to 8.6%.
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Also on another positive note the labor department have revised their 2011 totals saying that 180,000 total more jobs were added than originally reported.

Private businesses added 257,000 jobs in January and have been consistently adding jobs since March 2010. Breaking it down we had the manufacturing sector add 50,000 jobs, professional and business services add 70,000 jobs, and education and health services add 36,000 jobs.

The government on the other hand has been losing jobs regularly with  the public sector losing 14,000 jobs in January. Jobs lost were mostly on state and local levels.

Only 36% of employers in a recent survey expect to add jobs in 2012. The debt crisis in Europe and uncertainties in talks on the payroll tax being extended leave the Federal Reserve projecting that the unemployment rate will stay between 8.2%-8.5% in 2012.

  2 comments for “For the fifth straight month unemployment rate goes down

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