Moody's says US unemployment rate could hit 3% within a year

Mar 2012
New Hampshire
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Job growth surged in September to its highest level in seven months as the economy put up another show of strength, according to a report Wednesday from ADP and Moody's Analytics.

Private companies added 230,000 more positions for the month, the best level since the 241,000 jobs added in February and well ahead of the 168,000 jobs added in August. The total was well ahead of the 185,000 jobs expected.

"This labor market is rip-roaring hot," Mark Zandi, chief economist at Moody's Analytics, told CNBC. If the current pace continues, Zandi said he expects the unemployment rate to fall near 3 percent over the next year. The headline jobless rate currently is at 3.9 percent.

'Rip-roaring hot' jobs market sees private payrolls surge by 230,000, highest since February
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