Unemployment in the U.S dropped to 9% last month – the lowest rate since April 2009.
The last two months have seen a steep decline in the unemployment rate, dropping from 9.8 to 9.0 in just two months – the steepest two-month fall since 1953.
Economists had expected a better number in light of recent upticks in retail sales, consumers spending more and factories churning out more goods. However, bad weather across the country was blamed in part as the weather conditions in much of the country made for difficult working conditions. The construction industry shed 32,000 jobs, the most since May. Transportation and warehousing firms also reported large cuts. All three sectors were affected by the snowstorms much of the country experienced last month.
Many economists expect the unemployment rate to fluctuate throughout 2011, but eventually end below 9%.