According to the U.S. Bureau of Statistics report released on Friday, total non-farm payroll employment added 236,000 new jobs in February thus bringing unemployment down to 7.7 per cent. The rate which is at a 5-year low gives Obama’s second term a much-needed boost and will likely give democrats an edge over Republicans in the next house election. Private job creation hit 246,000, showing signs that the economy is recovering since the financial crisis which began in 2008. What we are witnessing is largely due to the dynamism of the U.S. workforce which, due to its exceptionally mobile and nimble nature, is able to bounce from deep recessions unlike many other, significantly more stagnant, Western economies.
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