Jobless Rate Increases to 7.3% In a Mixed Report
The nation's unemployment rate climbed two-tenths of a point in February to 7.3 percent, the highest since mid-1985, the Labor Department reported today. But other job data, notably a gain of 164,000 payroll jobs, pointed to a slight upturn in the economy. Most private economists said they were encouraged by the sizable payroll jump, as well as by a lengthening of the average workweek and a sharp rebound in total production hours. Some contended that the recession -- by technical rather than popular definition -- probably ended last month if it had not done so previously.