Posted by: youngragingbull | March 8, 2013

U.S. Job Report

The U.S. added 236,000 jobs in February and the unemployment rate fell to 7.7% from 7.9%, marking the lowest level since December 2008.

The job gains were the highest since November and were broad based, led by professional services (73,000), construction (48,000), health care (32,000) and retail (24,000), the U.S. Labor Department reported Friday.

Economists polled by various media outlets expected the number of new jobs to increase by 160,000.

All the hiring in February took place in the private sector with businesses adding 246,000 jobs while government jobs were cut by 10,000.

The average workweek rose 0.1 hour to 34.5, while average hourly earnings climbed 4 cents, or 0.2%, to $23.82.

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