US adds a robust 295K jobs; jobless rate falls to 5.5% (Photo : www.wrcbtv.com)
According to an employment data report released on Friday for the month of February by the Labor Department, unemployment rate slide to 5.5 percent from 5.7 percent. It stated that U.S. employers by adding 295,000 jobs in the market helped the economy as more people have gotten jobs.
Being one of the many reasons for the decline rate, is actually there are some people who have not counted as 'unemployed' as they stopped to search jobs.
According to the reports by Dallas News, U.S. employers released an additional 295,000 jobs in the February month. It is estimated that 3.3 millions more Americans have gotten jobs over the past 12 months, making a straight gain of jobs above 200,000.
Comparatively, the US economy seems to be doing quite well than those of other major world economies, for instance the unemployment rate in Europe that is 11.2 percent which is almost double of that in the US market economy.
But the job gains are not enough to boost the overall economy.
For the Federal Reserve, the major cause of concern should be the lack of passive hike in the hourly wages of the employees that is, in February, the average hourly wage which rose just 3 cents to $24.78 an hour, apart from the fact that many people were falling out of the job market.
As according to the statistics parameters for measuring employment which only views those people who are actively seeking jobs in the market. People who are not seeking jobs adversely affect the consumption pattern altogether which might fall down, gradually making the pace of economy slacken.
Economists reserved strong on the fact about the rise in hiring by added jobs despite the lack of growth in hourly wages and people remaining aloof from the job market.
