Posted February 09, 2020 15:22:30US unemployment rates in the United States and Canada are at their lowest levels since World War II, according to a report released Monday by the Bureau of Labor Statistics.
The BLS report, which also showed that the US and Canada added about 3 million jobs during the last year, also found that manufacturing employment was growing at a healthy clip and construction jobs were also expanding.
“This report is a wake-up call to the American people and the broader economic recovery that has been so important to this country,” said U.S. Commerce Secretary Wilbur Ross.
Despite the good news, the number of Americans without jobs was at its lowest level since at least 2007, the last time the BLS reported the statistics.
There were 7.7 million people without jobs in the US in February, the Bureau said, a decrease of nearly 2 million from the previous month.
A total of 2.5 million Americans were actively seeking jobs in February — a drop of more than 3 million from February last year.
But while the numbers may not be as bad as they once were, they still represent a decline of more 5 million jobs than were added during the same period last year when unemployment rates were also at their highest.
More: The BLS also reported that while manufacturing employment has been growing at an average of 3.1% over the past five years, it is now down 2.6% to 2.4%.
The US economy is in the midst of a severe economic downturn.
The Bureau of Economic Analysis said in January that the economy had contracted by 2.7% last month, the first contraction in five years.
This was the worst quarterly contraction since February 2007, according the BOSS, and marks the first time since 2007 that the unemployment rate has been lower than 4% since the start of the recession.
Economists have been concerned about the economic outlook for several years, as the country has lost more than 200,000 manufacturing jobs since the financial crisis.
On the other hand, the economy is also adding jobs at a faster pace than it did during the boom years of the early 2000s, when more than 6 million manufacturing jobs were created.
President Donald Trump has repeatedly called for boosting the economy to help the US re-emerge from the downturn.
Trump has been criticized for failing to make a decision on whether to make public the details of his economic policies before he is sworn in on Jan. 20.
According to the BAS, the unemployment rates for the last three months of 2016 and 2017 were both lower than the rates recorded in January.
While the BSS said that manufacturing jobs have been growing, construction and wholesale trade employment were also contracting.
Last month, Trump said the US economy was back on track.