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Unemployment Rate Falls to 8.8 Percent in March

Posted on 4/5/2011

The nation's unemployment rate dropped to 8.8 percent in March from 8.9 percent in February, the Labor Department reported Friday. The economy added 216,000 nonfarm jobs in March. Factories, retailers, the education and health care sectors, and professional and financial services all expanded payrolls. Those job gains offset layoffs by local governments, officials said.

"Though it is likely that job growth will vary month to month going forward, private sector hiring activity is now at the point where it is starting to chip away at unemployment. This is an encouraging development," ABA Chief Economist Jim Chessen said.

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