The U.S. economy added 169,000 jobs in August, as the unemployment rate dropped slightly to 7.3 percent, the Bureau of Labor Statistic reported Friday.
With an ever improving economy, the national unemployment rate has dropped .1 percent from the July jobs report. A far cry from the peak of the economic disaster that began to crumble the nation's financial sector in 2007 with massive job loss and a steady rising unemployment rate. The unemployment rate would rise as high as 10 percent in October 2009.
The Great Recession, measured by economic analysts, began December 2007 through June 2009, yet the residual effects lingered on for years. The worst months appear to have occurred near the end of 2009 and early 2010, climaxing at 10% and hovering above 9% unemployment rate until October 2011. The rate dropped to 8.9 percent in the month of October 2011 and has fallen continuously since.