Unemployment Rate Drops, Job Creation Slows
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MIAMI (CBSMiami) – The latest numbers from the U.S. Labor Department offer a mixed bag of news to President Barack Obama.
According to the Labor Department, U.S. hiring slowed in March as employers added just 120,000 new jobs. Most analysts had predicted job gains of roughly 200,000 in March.
Still, the overall unemployment rate in the United States dropped to 8.2 percent, which is the lowest rate since January 2009 when President Obama was inaugurated.
Political pundits have said for Obama to get re-elected, the unemployment rate will need to drop below eight percent.
Overall, the economy has added 858,000 jobs since December. It’s the best four months of hiring in two years, but Federal Reserve Chairman Ben Bernanke said the current pace is unlikely to continue if consumers don’t spend more.