Unemployment drops to 5.7%, job growth rises
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Manufacturing News, Source : TheManufacturer.com
Published : 07 Feb 2003 20:58
The Labor Department reported that the job market has taken a surprising turn for the better with employment growing by 143,000 jobs in January, the largest monthly increase since 2000, and the jobless rate falling from 6% in December to 5.7% in January.
Since the recession started in March 2001, the loss of jobs has been the most devastating in 20 years. However, analysts remain unconvinced that the economy will bounce back in the near future.
Although the headline number is better than expected, I don’t think this changes the basic employment picture, said Richard Rippe, Prudential Securities’ chief economist. We’ve had rough job stability over the last eight or nine months, he said.
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