Private Sector Job Market Grows for 12th Straight Month
By Lauren Bayne Anderson
March 07, 2011
MARCH 2011 — The nation’s jobless rate fell to 8.9% last month – its lowest level since April of 2009.
According to The Bureau of Labor Statistics, roughly 222,000 private sector jobs were added in February— which marks the 12th straight month of private sector job growth that has added 1.5 million jobs at private firms.
However, the total net increase in jobs overall for the month of February was 192,000, since 30,000 jobs were dropped by the government.
The good news on February’s employment numbers follows a strong jobs increase of 589,000 in January.
Obama also highlighted steps his administration had taken to add to the recovery, including allowing businesses to cut payroll taxes to expense 100% of capital investments. Capital investments are funds used to buy certain assets for a business, including machinery, land, and buildings.
The 0.9 percentage point drop in the unemployment rate over the past three months is the largest decline in the unemployment rate since 1983. And better, experts say the decrease was driving by increased employment rather than workers simply giving up on their job searches.
The areas that added the most jobs were professional and business services, adding 47,000 jobs, education and health services adding 40,000 jobs, and manufacturing and construction which each added 33,000 jobs, for a total of 66,000 between the two.
Obama also focused on the roll of investing in education to help ensure future job growth.