By: Calvin Swanson
The U.S. unemployment rate dropped from 8.9 percent down to 8.8 percent, marking the fourth consecutive month that unemployment rates fell by a percentage point.
The U.S. economy created 216,000 jobs in March, which is more than U.S. Department of Labor expected, according to a BBC article. The 8.8 percent rate is the lowest since March 2009, according to the LA Times.
The decreasing trend in unemployment is because of the success in private sector which added 230,000 jobs this year, but local governments on the downswing, cutting 16,000 jobs in March and 46,000 in February, according to the LA Times.
Most of the private sector jobs created were in factories, shops, health care, education and in several financial services, the BBC stated.
If the government and U.S. employers are able to retain these rates, economists predict roughly 2.5 million new jobs will be created by the end of 2011, according to the BBC.
The LA Times reported unemployment rates have steadily decreased since November and in the last two years overall. In 2011, 3.7 million people have received unemployment compensation, which is the lowest figure since October 2008, and is significantly down from the unemployment peak in mid 2009 where 6.6 million were receiving unemployment benefits.
The BBC reports analysts are worried about the rise in oil and gas prices, and that they could negatively affect the economy.