The rate of unemployment in the US, so often the central focus of criticism for those opposing the Obama administration’s recovery policy, has fallen over February from 9% to 8.9%, as a result of the addition of over 190,000 new private sector jobs over the period.
The US rate of unemployment has fallen for the third consecutive month to a new low of 8.9%, marking the first sub-9% rate for some two years and serving as a boost to the US economic recovery.
The fall is significant, especially given the negative effects on the figures as a result of austerity measures and resultant unemployment across US state funded organizations, with some 30,000 jobs going nationwide in February.
The rate of growth in job numbers is the fastest pace seen in a number of years, with the Labor Department saying areas with some of the highest growth included manufacturing and construction.
The figures will be seen as an endorsement that the US economy is back on track, and markets will be appeased in the knowledge that US public spending cuts appear to be having a minimal impact on the unemployment figures.