Small Business Finance News

Unemployment Rate Drops To 8.9 Percent In January

Written by Jenna Weiner
Published: 3/4/2011

The unemployment rate dropped by 0.1 percent in February.

A number of reports and surveys have been revealing an increase in small business employment, optimism and hiring. However, many were waiting for the latest national employment figures before getting their hopes up.

Entrepreneur Economic Factors

This week, the U.S. Bureau of Labor Statistics reported that the unemployment rate for February changed by 0.1 percent, from 9 to 8.9 percent - the lowest its been in two years.

Additionally, the report revealed that nonfarm payroll employment increased by 192,000 jobs that month - a significant increase from the 60,000 jobs added in January. There were a total of 13.7 million unemployed people in February, compared to 14.9 million a year ago.

While this number represents improvement, the Obama administration has greeted the news with restraint, calling the slight decrease "encouraging," Politics Daily reports.

This number didn't stack up for Republicans, however. Republican National Committee Chariman Reince Priebus said, "We have yet to see the leadership we need coming out of the White House to restore sustainable economic growth ... Frankly, if the answer doesn't involve more spending, this administration is simply out of solutions."

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