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Unemployment Dips To 8.9 Percent, 192K Jobs Added

Employers hired in February at the fastest pace in almost a year and the unemployment rate fell to 8.9 percent - a nearly two-year low.

The economy added 192,000 jobs last month, with factories, professional and business services, education and health care among those expanding employment. Retailers, however, trimmed jobs. State and local government, wrestling with budget shortfalls, slashed 30,000 jobs, the most since November. Federal government hiring was flat.

Private employers added 222,000 jobs last month, the most since April. That shows that companies are feeling more confident in the economy and about their own financial prospects. And it bolstered hopes that businesses will shift into a more aggressively hiring mode and boost the economic recovery.

The economy added 192,000 jobs last month, with factories, professional and business services, education and health care among those expanding employment.

This program aired on March 4, 2011. The audio for this program is not available.

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