US unemployment rate dips to 5.5%

The unemployment rate in the US has dropped to 5.5 per cent from 5.7, with businesses adding 295,000 new jobs in the month of February, according to latest governmental statistics.

“With another strong employment report, we have now seen twelve straight months of private—sector job gains above 200,000—the first time that has happened since 1977,” said Jason Furman, Chairman of the Council of Economic Advisors, White House.

Moreover, 2014 was the best year for job growth since the late 1990s and 2015 has continued at this pace. But additional steps are needed to continue strengthening wages for the middle class, he said.

The White House said the private sector has added 12 million jobs over 60 straight months of job growth, extending the longest streak on record.

“Today we learnt that total nonfarm payroll employment rose by 295,000 in February, largely due to a 288,000 increase in private—sector employment,” it said.

“Although private—sector job gains in December and January were revised down, the private employment gains over the past twelve months total 3.2 million—the largest 12—month increase since 1998,” it added.

Senator Harry Reid said the jobs report shows that America’s economy continues to improve.

“February marks the 60th consecutive month of private sector job growth. It should now be the mission of this Congress to build upon America’s strengthening economy and achieve results for middle class Nevadans and all Americans,” he said.

“However, Republicans in Congress continue to ignore the needs of struggling workers. This Congress has produced little for American families,” he said.

“Over the past month, Americans watched Republicans waste time fighting over whether or not to fund the agency tasked with protecting them from terrorist attacks. American workers witnessed Republicans in Congress take up measures to attack protections for workers and threaten the security of their health care,” he added.

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