Unemployment lowest since March 2009

Great news.  Still…

even with the recent gains, the economy isnt close to replacing the jobs lost in the recession. Employers began shedding workers in February 2008 and cut nearly 8.7 million jobs for the next 25 months. The economy has regained about 2.5 million.

More than half the jobs added last month were by retailers, restaurants and bars.

And most people arent getting raises. Average hourly pay slipped 2 cents last month to $23.18. In the past year, wages have risen 1.8 percent, but inflation has risen twice as fast, eroding buying power.

It had appeared that Obama would face voters next fall with the highest unemployment of any sitting president seeking re-election since World War II.

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