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Mar 08, 2013
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Sturdy job gains offer hope for US economy
Employers stepped up hiring in February, adding a greater-than-expected 236,000 workers to their payrolls and helping to push the US jobless rate to a four year-low in a bright signal on the economy's health.
The data from the Labor Department today showed the economy gaining traction despite the blow from higher taxes and deep government spending cuts.“This was a strong number and one of those rare cases where we were firing on all cylinders,” said Jacob Oubina, a senior US economist at RBC Capital Markets in New York.The jobless rate fell to 7.7 per cent, the lowest since December 2008, from 7.9 per cent in January. The decline reflected both gains in employment and people leaving the labour force.
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http://www.business-standard.com
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