US Unemployment Hits Five-month Low, Payroll Increase
US unemployment rate hits five-month low as payrolls in most manufacturing companies in the country increased.
Based on the new date by the Labor Department, unemployment rate was at 9.7 percent and is going down fast was economic recovery gains strength.
A new data released by the United States Labor Department on Monday showed that unemployment rate in the country hit five-month low of 9.7 percent in January as payroll in major manufacturing segments grew for the first time since 2007.
US President Barack Obama has welcomed the new development but warned that the government and the private needed to do more in order to restore the healthy economic condition of the country, citing the 20, 000 jobs lost last month.
Based on the new survey results, separate household said that only 9.7 percent of Americans have no jobs. The numbers is expected to drop further as employment opportunities in the US become more available in the coming months.
Earlier analysts’ predictions said that unemployment rate may only edge up 10.1 percent. But the new surprising data gives hope to many economists, who are looking for the better figures from the labor market.Many of the economist said that the recovery process, based on the data, is more sustainable today than it was in December.
Also, the survey showed an upbeat report in the companies’ workweeks, which has hit the highest point in over a year. Overtime pays in the manufacturing sector has also seen some increases, suggesting that more workforce is needed from the sector.
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