Employment Improves in January as Jobless Rate Declines to 8.3 Percent

By Newsroom America Staff at 3 Feb 2012

(Newsroom America) -- Unemployment fell to 8.3 percent as the economy created some 243,000 jobs in January, the Labor Department said Friday.

Reports said analysts had expected a much more modest growth of about 150,000 jobs, but the better numbers were certainly welcome news both to an administration struggling to build the economy and Wall Street, which rose on the report.

Other labor indicators improved as well. While the overall work week remained unchanged at 34.5 hours, wages increased by four cents to $23.29 an hour.

Jobs were gained primarily in the service sector, CNBC reported, especially in the retail and the food and beverage industries. Manufacturing, warehousing, mining and health care have contributed as well.

"The total number of unemployed fell below 13 million for the first time since February 2009, while the total amount of employed Americans rose to 141.6 million, an increase of 847,000 from December," CNBC reported.

Despite two straight months of jobs gains - the economy created 203,000 jobs and the unemployment rate slipped to 8.5 percent in December - analysts concede that progress on the economy remains sluggish.

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