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That figure is much higher than the unemployment rate of 8.3 percent. But like the unemployment rate, it's dropped sharply over the past year. Because many factors can skew the unemployment rate, economists find that a better way to assess how much hiring is going on is to simply follow the number of jobs created each month. The monthly job gains and the unemployment rate are reported in separate surveys. The job gains come from a survey of employers. The unemployment rate is calculated from a survey of households. Last year, the economy gained 1.8 million jobs, the employer survey found. That's an improvement over 2010's gain of about 1 million. The rate of job creation is accelerating. Employers have added an average of 201,000 jobs a month for the past three months. That's much better than the average of 152,000 a month last year. If the economy keeps gaining jobs, more people who have stopped seeking work will likely start looking again. And if many of them can't find jobs, the unemployment rate could rise. So far, that hasn't happened. Most economists think there will eventually be a rebound in labor force participation, which would likely raise the unemployment rate. But it might take more hiring before any such rebound kicks in.
[Associated
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