Despite the Obama administration’s doomsday warnings about the impact of sequester, hiring picked up last month as the unemployment rate fell to the lowest level in four years.
The February jobs report released Friday showed the economy added 236,000 jobs, bringing the unemployment rate to 7.7 percent from 7.9 percent the month before. The report comes as the market picks up, with the Dow Jones Industrial Average consistently closing above 14,000 this week.
The economy is still shaky and recent reports have also reflected a jittery jobs market. There are still 12 million unemployed, with even more who are in part-time jobs or have left the job market altogether. And the automatic government spending cuts which took effect March 1 will likely take time to ripple into the broader economy.