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US unemployment rate rises to 6.7 per cent
March 7, 2014, 2:27 pm

Despite adding jobs to the economy, the unemployment rate rose in February [Xinhua]

Despite adding jobs to the economy, the unemployment rate rose in February [Xinhua]


A US Department of Labor report has shown that despite the addition of 175,000 jobs to the economy in February, the actual number of people who have been out of work for at least six months rose by 203,000.

And while the Department increased its estimate of job creation last month, the overall unemployment rate increased from 6.6 to 6.7 per cent.

The latest figures appeared to beat analyst expectations that the report would show that the economy added 149,000 jobs last month, and that the unemployment rate would remain at 6.6 per cent, or fall to 6.5 per cent.

But year-on-year, the job creation figures were lower; at this time in 2013 the economy had added 190,000 jobs.

Nevertheless, it appears that despite the harsher-than-normal winter chill, job creation is picking up slowly.

In December, the economy added 75,000 jobs, the Labor Department said, and in January, revised figures indicated that 129,000 jobs were added.

Ninety-five per cent of February’s 175,000 added jobs came from the private sector.

Source: Agencies

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