A new report from the Labor Department says that 236,000 jobs were created in February, with the unemployment rate falling to 7.7%, the lowest since December 2008. The number of jobs exceeded economists' estimates, and is a sign that the economy is growing at a faster rate. Private employers added 246,000 jobs in February. Economists say that while the numbers are good, they are still below what is needed to substantially reduce the unemployment rate. It is also unclear what the effects of the federal budget cuts, which went into effect March 1, will have on employment.
See "Unemployment at 4-Year-Low as U.S. Hiring Gains Steam", Nelson D. Schwartz, The New York Times, March 7, 2013