The U.S. unemployment rate dipped to 8.9% in March, the lowest mark in nearly two years, according to the latest report from the Commerce Department. The report stated 192,000 jobs were created last month.
The unemployment rate had been at 9.1% in February. The rate was last below 9% in April 2009.
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.
In order to make a real dent in the unemployment rate, economists estimate that at least 300,000 jobs need to be created each month.
"All signs point to much stronger hiring," Mark Zandi, Moody's Analytics chief economist, told The Associated Press. "I think we finally have a prescription for a better job market."
Applications for jobless benefits have dropped in three of the past four weeks, including last week, when 368,000 people applied for aid, the lowest weekly total in nearly three years.
The highest number of people seeking benefits during the recession was 651,000.
However, standing in the way of a speedier economic recovery could be rising gas prices fueled by unrest in the Middle East.
The average cost of gas in the U.S. is nearly $3.50 a gallon.
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TimALoftis
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