The jobless rate fell to its lowest since February of 2009, as the Labor Department reported that employers added 200,000 jobs last month. The rate, now at 8.5 percent, has dropped for four straight months. The economy has generated 100,000 jobs or more each month for the past six months. Job gains for the coming year could top 2.1 million, according to economists.
Average hourly pay rose for the month of December, prompting consumers to spend more money. The work week was longer, an indicator that companies may need to hire more. The amount of people applying for unemployment benefits dropped, and hiring was strong across all major industries.
