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Unemployment rate drops to 5.5%

by Loretta Clodfelter

The unemployment rate fell to 5.5 percent in February, according to the Bureau of Labor Statistics, and 295,000 jobs were added in the past month. The unemployment rate was 5.7 percent in January. The unemployment rate has dropped 1.2 percentage points in the past year as the number of unemployed has fallen by 1.7 million people.

Among employment sectors, food services and drinking places added 59,000 jobs, professional and business services added 51,000 jobs, construction added 29,000 jobs, healthcare added 24,000 jobs, and transportation and warehousing added 19,000 jobs.

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