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US Unemployment Rates Decline

Unemployment has seen a significant rise over the past few years, however, this has finally come to an end. In fact, unemployment rates are at their lowest point in approximately four years. This further attests to the fact that the US economy has taken a turn for the better, since last years major drop. The Labor Department reported Friday that U.S. unemployment fell to 4.7 percent in January, the lowest level in more than four years. The number was down from 4.9 percent in December.

The Bush administration said that the report was just another sign that economy had rebounded from last year`s energy crisis and was showing signs of being quite robust. Employers hired 193,000 new workers last month. John Snow, Treasury Secretary stated that he is confident that the economy will remain on a good path and expects to see rising employment and wages in the months ahead. The report however, still raised concerns over rising interest rates to keep inflation down.

Rates rose on Tuesday for the 14th time to 4.5 percent. Analysts were saying Friday that the employment report shows that they won`t stop there. The report also showed that there were fewer positions generated last year than were previously thought. The labor report comes from two different surveys - a household survey which determines the unemployment rate and a poll of businesses, which shows the number of employees currently on their payroll.