The U.S. added 192,000 jobs in February, the Labor Department reported last week, the most significant job growth in almost a year. The gains cut the unemployment rate to 8.9 percent, lower than it has been since April 2009. The private sector led the rally by adding 220,000 jobs, while state and local governments shed 30,000 positions.
Some economists saw the new figures as evidence that the job market is finally turning the corner. But rising food prices, the threat of more government cutbacks, and a looming oil crisis may yet harm the recovery. “Until we see a sustained period of stronger job creation,” warned Fed chairman Ben Bernanke, “we cannot consider the recovery to be truly established.”
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