It might take less than many economists and people from the Federal Reserve think for the unemployment rate to go below 8 percent, according to USA Today.
Since last fall, the economy has been creating more jobs, and there were an average of 223,000 new jobs in December and January, according to the article. Many economists are betting the government's employment report for the month of February, to be released Friday, will be yet another fairly decent one, and they cite a Bloomberg survey showing an average prediction of 204,000 new jobs.
The unemployment rate fell from 9.1 percent in August to 8.3 percent in January for more reasons than simply the creation of jobs, according to USA Today.
The real reason for the falling unemployment rate is a shrinking number of Americans looking for work. Almost three years into the recovery of the economy, the unemployment rate has fallen, but at a much slower pace than in previous recoveries, according to the article. The unemployment rate may continue to decline, and possibly go under 8 percent by Election Day without large increases in jobs.
Click to read the entire article at USA Today.
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