Unemployment drops to 4-year low

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March 8, 2013, 8:23 pm
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(NECN/NBC News: Steve Handelsman) - Employers created almost twice as many jobs in February as the month before.

The Labor Department's jobs report for February drops the nation's unemployment rate to 7.7 percent, a four-year low with a better-than-expected 236,000 new jobs created.

Wages went up and the construction industry had its best month in six years.

"They are going out and finding labor - skilled labor for the most part in this market and other markets and bringing them back in and there is some good hiring going on," says Klif Andrews, president of Las Vegas' Pardee Homes.

Experts say it's a good trend.

"A stronger job market will mean stronger income growth and that'll lead to an upward spiral," explains economist Alan Kreuger.

But the White House is warning sequestration could push that spiral downward.

The good news on hiring came despite payroll taxes and income taxes in the rich going up.

Tags: unemployment , Labor Department, jobs report, February, Steve Handelsman, construction industry
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