U.S. unemployment rate drops to 8.3 percent, lowest in almost 3 years

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WASHINGTON, D.C. (BNO NEWS) -- The United States unemployment rate for the month of January dropped to 8.3 percent, the lowest number in nearly three years, the U.S. Labor Department (DoL) announced.

In its January 2012 Employment Situation report, which was released on Friday, the DoL said the country's labor market posted strong gains, adding approximately 257,000 private sector jobs in January. According to revised numbers from the Bureau of Labor Statistics, the U.S. private sector has created 3.7 million jobs over the last 23 months.

The numbers well exceed overall expectations, dropping the national unemployment rate from 8.5 percent to 8.3 percent, the lowest level since February 2009.

"January's job growth was the strongest in nine months," U.S. Secretary of Labor Hilda L. Solis said, noting that the national unemployment rate has fallen by 0.8 percent in the last five months as employment gains have remained constant.

The DoL report also noted that the manufacturing industry added 50,000 jobs in January and, over the past year, the country's economy has added 235,000 manufacturing jobs. Meanwhile, the construction sector has added 52,000 jobs over the last two months, the largest increase in construction jobs since 2007.

As January's employment numbers exceeded all forecasts, Solis said the accelerated growth in the U.S. labor force is seen across almost every industry. "More products are rolling off the assembly line marked 'made in the USA.'," she said.

"Our economic recovery is on track," Solis underlined. "We can build on this encouraging trend if Congress acts on the president's proposals to remove tax incentives for companies that ship American jobs overseas and invests in training programs so our workers can fill existing openings in advanced manufacturing."

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  • Anonymous

    Indeed, workers lacking high school diplomas saw their unemployment rate jump 6.6 percentage points in June vs. a 2.3 point increase for college grads who has their degree from one of the High Speed Universities