Unemployment, Hiring | featured news

U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7 percent from 7.9 percent in January. Stronger hiring shows businesses are confident about the economy, despite higher taxes and government spending cuts.

Fewer Americans applied for unemployment benefits last week, and a private survey showed businesses stepped up hiring in August. The data sketched a brighter outlook for the job market one day before the government reports on August employment.

The number of people seeking U.S. unemployment benefits fell last week, but the level of applications remains too high to signal a pickup in hiring.

The Federal Reserve said Tuesday that the U.S. economy has improved modestly as hiring and consumer spending have risen, and it's holding off on any new steps to boost the economy. Fed officials cautioned in their statement that unemployment remains high. And it noted that global economic growth has slowed — a reference to Europe's debt crisis. They left open the possibility of taking new steps next year if the economy worsens.

Hiring slowed to a near-standstill last month, raising doubts that the economy will rebound in the second half of the year after a spring slump.

Fewer people applied for unemployment benefits last week, adding to evidence that layoffs are slowing and employers may be stepping up hiring.