Unemployment fell to 7.7% in February

U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7% from 7.9% in January. Stronger hiring suggests businesses are confident about the economy, despite higher taxes and government spending cuts. The government’s February employment report released this morning is filled with mostly encouraging details. The unemployment rate is now at its lowest level in four years. Hiring has averaged more than 200,000 per month since November, wages have increased and the job gains were broad-based—led by the best construction hiring in six years. One negative detail: Employers added fewer jobs in January than first estimated. Job gains were lowered to 119,000 from an initially reported 157,000. Still, December hiring was a little better than first thought, with 219,000 jobs added instead of 196,000. The unemployment rate had been stuck at 7.8% or above since September. About half the decline in February occurred because more of the unemployed found jobs. A decline in the number of people looking for work accounted for the other half. People who aren’t looking for jobs aren’t counted as unemployed. More details from the February jobs report can be found in the full story here.