February Brings More Jobs

The good news this month is that in February, there was a surge of new jobs. These new jobs have brought down the U.S. unemployment rate to 8.3 percent, the lowest it has been in a long time. This decrease in the number of unemployed Americans is compelling proof of a strengthening economy.



According to the Labor Department, employers have added 227,000 job in February. This was more than the 210,000 originally forecast and it shows that the economy is moving in the right direction.



Since August, the unemployment rating has been holding steady at 9.1 percent. With this new group of jobs, that number has dropped. In fact, in a speech at the Rolls-Royce factory in northern Virginia, President Obama said  "It gives me confidence that there are better days ahead."



As more jobs become available and the unemployment rate decreases, consumer confidence has been getting a boost. According to the Bloomberg Consumer Confidence Index, the rate has grown to a four-year high. Perhaps it's because it's an election year, but experts believe that the unemployment rate will continue to go down in the months leading up to Election Day in November.



Although the unemployment rate is predicted to go down, they are notoriously difficult numbers to predict. Because of the many variables that go into a company deciding to hire, it's a challenge to get a good idea of what will happen in the months to come. Also, it's important to note that when the unemployment rate is calculated, only the people who are actively seeking work are being counted. Once the economy improves, the rate can grow higher as people who had given up on finding work start looking for a job as well.



Still, this is good news. What makes it even more significant than just the addition of more jobs is that the underemployment rate has also dropped. This means that people who are working part-time and who want a full-time job have been able to find better opportunities.



This means that if you've become discouraged or have given up on finding the right job, now is the time to amp up your job search.