Unemployment falls to 7.7% in the US
According to the latest data released by the authorities, the total unemployment fell in eth US to 7.7 per cent as businesses added jobs at a faster pace than expected in the month of February.
The data released by the US Labor Department on Friday showed that employers added a total of 236,000 workers in February. The higher than expected level of job creation was recorded as the business in the construction sector added jobs during the month. The data showed that the high-skilled professional jobs grew by 73,000, while the retail industry added 24,000 workers. The unemployment level of 7.7 per cent in the US is at its lowest level since December 2008.
Experts have warned that the faster job creation might be hindered due to the severe government spending cuts in the world's largest economy. They say that the economy has just gathered strength to begin its recovery and the spending cuts might put the growth off the track again. The spending cuts would reduce $85 billion from the federal budget this year. The lawmakers are required to take a decision to avert the cuts in order to avoid a federal breakdown.