Jobless Rate Drops To 7.2%: Analysts: Data Show Economy Is Growing
In the best report on the U.S. job market since last spring, the Labor Department said yesterday that a wide range of industries added workers last month and that the unemployment rate fell to 7.2 percent, the lowest since April. Those already on the job worked longer hours, reflecting increasing strength in the economy.</br></br>Analysts said the report was further evidence that the economy is gradually improving but stressed that the gains it showed were still well below those usually seen during recoveries from recession.</br></br>William G. Barron Jr., deputy commissioner of labor statistics, said the figures showed a "modest improvement in the nationÛªs labor market.Û</br></br>Robert G. Dederick, chief economist at Northern Trust Co. in Chicago, said the report ÛÏis consistent with the notion that we are on a subdued growth path. It was certainly positive. The workweek was a solid plus, and there werenÛªt any real weaknesses.</br></br>Gene Sperling, a member of the Clinton economic transition team, said, ÛÏIt's unquestionably good news but itÛªs too early to tell whether job growth is coming back for real or not.Û