08:52 ET<\/span>
\n<\/span><\/p>\nThe US unemployment rate fell slightly to 8.9% in February, down from 9% the month before.<\/p>\n
It is the third month in a row that the jobless rate has fallen, with February’s figure marking a near two-year low.<\/p>\n
Employers added 192,000 jobs last month, the US Labor Department said, above market expectations.<\/p>\n
Paul O’Neill, former US Treasury Secretary, described the data as “very positive”.<\/p>\n
A Labor Department statement said that most job gains were in manufacturing, construction, business services and transport.<\/p>\n
State and local government slashed 30,000 jobs, the most since November as budget cuts continue to bite.<\/p>\n
The data showed that the jobless rate for adult men was 8.7%, for adult women 8%, and for teenagers 23.9%.<\/p>\n
The unemployment rate has come down from 9.8% in November.<\/p>\n
“We have moved into the expansion phase of the economic cycle and the economy is self-sustaining,” said Brian Levitt, an economist at Oppenheimer.<\/p>\n
Share trading on the US futures market rose in expectation that the data will be well received by investors when Wall Street opens.<\/p>\n<\/p><\/div>\n<\/p>\n
Originally posted here:
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