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U.S. unemployment rate drops to 8.9 percent

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Employers hired in February at the fastest pace in almost a year and the unemployment rate fell to 8.9 percent — a nearly two-year low.

The economy added 192,000 jobs last month, with factories, professional and business services, education and health care among those expanding employment. Retailers, however, trimmed jobs. State and local government, wrestling with budget shortfalls, slashed 30,000 jobs, the most since November. Federal government hiring was flat.

Private employers added 222,000 jobs last month, the most since April. That shows that companies are feeling more confident in the economy and about their own financial prospects. And it bolstered hopes that businesses will shift into a more aggressively hiring mode and boost the economic recovery.

The unemployment rate is now at the lowest point since April 2009. It has been falling for three months, down from 9.8 percent in November, marking the sharpest three-month decline since 1983.

The number of unemployed people dipped to 13.7 million, still almost double since before the recession.

When factoring in the number of part-time workers who would rather be working full time and those who have given up looking for work, the percentage of "underemployed" people dropped to 15.9 percent in February. That's the lowest in nearly two years.

The positive news on the hiring front comes as the larger economy is gaining momentum.

Americans shoppers are spending more. U.S. exporters are selling more abroad. Manufacturing is growing at the fastest pace in nearly seven years. And the service sector, which employs about 90 percent of the work force, is expanding at the fastest clip in more than five years.

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  • Obama said it'd take time
    And, it is taking time------but, he is achieving it. After all----it took Bush 8 years to get us in this mess-it cannot be corrected overnight.

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  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

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