Unemployment rate falls to lowest level since 2008 - KYTX CBS 19 Tyler Longview News Weather Sports

Unemployment rate falls to lowest level since 2008

Posted: Updated:

NEW YORK (CNNMoney) - U.S. employers ramped up their hiring in February, helping the unemployment rate to fall to its lowest level since December 2008.

The U.S. economy added 236,000 jobs in February, according to a Labor Department report released Friday. That's much stronger growth than in January, when employers hired a revised 119,000 workers.

Meanwhile, the unemployment rate dipped to 7.7%, as 12 million workers were counted as unemployed.

The unemployment rate fell partly because more people said they got jobs, but also because 130,000 people dropped out of the labor force.

Economists surveyed by CNNMoney had predicted 170,000 jobs were added and the unemployment rate fell to 7.8% in February. Stock futures, which were already higher before the jobs report, rose further following the release.

Check the unemployment rate in your state

Private sector employers added 246,000 jobs. The construction sector has been a particularly bright spot, with 48,000 jobs added in February and 135,000 over the past four months. Economists expect construction hiring to continue thanks to the housing recovery.

Employers have been adding jobs for three straight years, but it's happening too gradually for the labor market to return to where it was at the beginning of the Great Recession.

Overall, the U.S. economy lost 8.8 million jobs in the financial crisis, and has only gained back 5.6 million of those jobs since the labor market's height in January 2008. Meanwhile, the population has grown.

The federal government, excluding the postal service, cut 4,200 jobs. It was the fifth straight month for federal job cuts, and more are likely to follow, in the wake of automatic across-the-board spending cuts.

State and local governments cut another 10,000 jobs, mostly in education.

  • Local NewsMore>>

  • U.S. Ebola patients to be discharged; 1 to speak out

    U.S. Ebola patients to be discharged; 1 to speak out

    Thursday, August 21 2014 8:48 AM EDT2014-08-21 12:48:09 GMT

    Two American aid workers treated for Ebola are scheduled to be released from an Atlanta hospital today. Dr. Kent Brantly and Nancy Writebol were evacuated from Liberia earlier this month after becoming infected with the Ebola Virus.

    More >>

    Two American aid workers treated for Ebola are scheduled to be released from an Atlanta hospital today. Dr. Kent Brantly and Nancy Writebol were evacuated from Liberia earlier this month after becoming infected with the Ebola Virus.

    More >>
  • Thursday Morning Weather: Mostly sunny, high near 97

    Thursday Morning Weather: Mostly sunny, high near 97

    East Texas (KYTX)- Good morning and happy Friday Eve! Low morning clouds will give way to a partly/mostly sunny day again. More >>
    East Texas (KYTX)- Good morning and happy Friday Eve! Low morning clouds will give way to a partly/mostly sunny day again. More >>
  • Officer Involved Shooting Suspect's Mom Speaks Out

    Officer Involved Shooting Suspect's Mom Speaks Out

    Wednesday, August 20 2014 11:13 PM EDT2014-08-21 03:13:22 GMT
    LONGVIEW (KYTX) - Hope Fountain says the shadow of recent events has covered up who her son really was."You'll never replace those hugs and those smiles. He would always be there for you no matter what." - Hope Fountain, Wagner's MotherGregg County Jail Records show that Wagner has a violent past but Fountain says he has regretted his crimes since the day they were committed. In 2013, Wagner plead guilty to terroristic threats of a public servant. Fountain says Wagner was going through a roug...More >>
    LONGVIEW (KYTX) - Hope Fountain says the shadow of recent events has covered up who her son really was."You'll never replace those hugs and those smiles. He would always be there for you no matter what." - Hope Fountain, Wagner's MotherGregg County Jail Records show that Wagner has a violent past but Fountain says he has regretted his crimes since the day they were committed. In 2013, Wagner plead guilty to terroristic threats of a public servant. Fountain says Wagner was going through a roug...More >>
Powered by WorldNow

CBS19, MYTX & KCEB
2211 ESE Loop 323
Tyler, TX 75701
Phone (903) 581-2211
Fax (903) 581-5769

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KYTX. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.