U.S. unemployment drops to 7.7 percent in February

April 5, 2013

construction employee

The U.S. unemployment rate dropped to 7.7 percent in February, the lowest level since 2008, CNN Money reported.

The figures, which come from a Labor Department report released today, count 12 million workers as unemployed, which CNN reports is due in part to 130,000 people dropping out of the labor force.

Additionally, the U.S. economy saw an increase of 236,000 jobs in February, compared to 119,000 new hires in January. However, the economy has only gained back about two-thirds of jobs lost during the financial crisis, and about 40 percent of unemployed workers have been jobless for at least six months.

According to a report from the Bureau of Labor Statistics (BLS), unemployment rates for mining, quarrying and oil and gas extraction decreased to 6.1 percent in March 2013, versus 6.3 percent a year ago. Those percentages amount to 72,000 unemployed workers in those sectors in March 2013, compared to 62,000 jobless in March 2012.

CNN reported that the construction sector as a whole, which accounted for about 25 percent of the 8.8  million jobs lost in the financial crisis, added 48,000 jobs in February and 151,000 over the past five months.

For the full CNN report, click here. For the BLS report, click here.

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