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US unemployment sinks to three-year low


US unemployment sinks to three-year low


It’s looking good for jobs in the US as the unemploment figure fell to a three-year low of 5.2 percent and employers in January took on 146,000 new workers.

The economy has now recouped all the jobs lost since the start of the 2001 recession, according to the US Labour department. The data keep George W. Bush from becoming the first president since Herbert Hoover 70 years ago to preside over an overall loss of jobs in his first term. Economists are expecting further job gains as the economy expands this year. The economy is expected to grow 3.6 percent this year. Only two days ago the Federal Reserve raised its interest rate by a quarter-point to damp down possible inflation as employment grows. Consumer confidence is booming too, rising last month to a six-month high. But productivity is easing off, rising only 0.8 percent in the last quarter of last year, the slowest rate in nearly four years.
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