Steady US job gains likely continued in February

WASHINGTON (AP) — The Labor Department releases employment data today and economists surveyed by FactSet predict continued job growth and a drop in the unemployment rate to 7.8 percent from 7.9.

The economists forecast that employers added 152,000 jobs in February, about the same as in January.

More hiring is needed to swiftly reduce the unemployment rate, which has been stuck at 7.8 percent or above since September. Job gains of at least 100,000 a month are needed just to keep up with population growth and prevent the unemployment rate from rising.

From November through January, monthly job growth has averaged 200,000, up from 150,000 for the previous three months. Most economists expect job gains of about 180,000 a month this year. That's about the same as last year, when the rate fell 0.7 percentage point.

Several other reports this week have raised hopes that hiring could soon accelerate.

Sound:

%@AP Links

023-w-36-(David Melendy, AP correspondent, with Hugh Johnson, chairman and chief investment officer, Hugh Johnson Advisors)--Economists are optimistic about the monthly report on employment for February. AP correspondent David Melendy has more. (8 Mar 2013)

<<CUT *023 (03/08/13)>> 00:36

048-a-12-(Hugh Johnson, chairman and chief investment officer, Hugh Johnson Advisors, in AP interview)-"seeing right now"-Economic analyst Hugh Johnson of Hugh Johnson Advisors says harsh spending cuts mandated by sequestration will hurt the job market and the economy later this year. (8 Mar 2013)

<<CUT *048 (03/08/13)>> 00:12 "seeing right now"

047-a-12-(Hugh Johnson, chairman and chief investment officer, Hugh Johnson Advisors, in AP interview)-"of say 170,000"-Economic analyst Hugh Johnson of Hugh Johnson Advisors says a steady decline in jobless claims and strong results from the latest jobs survey by payroll processor ADP support other recent data that bode well for the February employment report. (8 Mar 2013)

<<CUT *047 (03/08/13)>> 00:12 "of say 170,000"