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            US Jobless Rate Falls to Lowest Level in Nearly 7 Years

   by VOA News

   The U.S. economy is showing more signs of improvement, with the
   unemployment rate creeping down to 5.5 percent in February, its lowest
   rate since May 2008.

   Friday's [1]report from the Labor Department showed the economy had
   inched down from the January rate of 5.7 percent, with a net gain of
   295,000 jobs. That surpassed the expectations of economists polled by
   Reuters news agency, who'd predicted a bump to 5.6, with a net gain of
   240,000 jobs.

   It also may encourage the Federal Reserve to start raising interest
   rates.
   The White House noted [2]in a statement Friday that the latest figures
   represent "twelve straight months of private-sector job gains above
   200,000--the first time that has happened since 1977."  More steps are
   needed, the statement said, to "continue strengthening wages for the
   middle class."

   Employers were hiring at restaurants and bars, business services,
   construction, health care and transportation, buoyed by an increase in
   consumer spending. The [3]Fed reported earlier this week that home and
   car sales increased in most areas over the last quarter, among other
   positive signs.

   However, the jobless-rate decline primarily came from people leaving
   the labor force, Reuters said.

   Average hourly earnings rose by three cents, the labor report said.

   The labor report had more encouraging news. While 2.7 million
   jobseekers have been out of work for at least 27 weeks - accounting for
   almost a third of the unemployed - their numbers declined by 1.1
   million from a year ago.

   The generally improving economic scenario could lead the Federal
   Reserve to raise interest rates in June, Reuters reported. That step
   would counter the risk of the market overheating, because higher rates
   increase borrowing costs.

   [Luis Ramirez contributed to this report from the White House, some
   material for this report came from Reuters]
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   [4]http://www.voanews.com/content/us-jobless-rate-falls-to-lowest-level
   -in-nearly-7-years/2670146.html

References

   1. http://www.bls.gov/news.release/empsit.nr0.htm
   2. http://www.whitehouse.gov/blog/2015/03/06/employment-situation-february
   3. http://federalreserve.gov/monetarypolicy/beigebook/files/BeigeBook_20150304.pdf
   4. http://www.voanews.com/content/us-jobless-rate-falls-to-lowest-level-in-nearly-7-years/2670146.html