Unemployment Drops To 2-Year Low Of 8.9%04:22
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An unemployed man checks listings on a job board at the Nevada JobConnect Career Center in Las Vegas. (AP)
An unemployed man checks listings on a job board at the Nevada JobConnect Career Center in Las Vegas. (AP)

Businesses hired 222,000 people in February, the fastest pace since last spring, bringing unemployment to a two year low.

While almost 14 millions still remain jobless, about twice as many as before the recession, economists say the today's numbers show that the economy is improving.

With consumers spending up and exports rising, manufacturing is growing at the fastest pace in nearly 7 years. The dark cloud on the horizon --budget shortfalls at state and local governments.

We speak with Greg Ip, editor at the Economist magazine and author of, "The Little Book of Economics:  How the Economy Works in the Real World."

This segment aired on March 4, 2011.

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