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Jobless rate unexpectedly falls

Friday, Feb. 7, 2003 | 9:56 a.m.

WASHINGTON -- The U.S. unemployment rate unexpectedly dropped to 5.7 percent in January, the lowest in four months, the government said today. Companies added workers for the first time since October as demand for goods and services grew.

"This number is encouraging," said Alfred Broaddus, president of the Federal Reserve Bank of Richmond, in an interview. "To get a solid, ongoing business expansion you have to have stronger growth in employment."

The jobless rate fell from an eight-year high of 6 percent in December and companies added 143,000 workers to payrolls, the most in more than two years. The increase in jobs follows a loss of 156,000 in December.

The economy is expected to expand 2.8 percent this year, faster than in 2002. Companies including Microsoft Corp. and International Business Machines Corp. are hiring more salespeople in expectation of improving demand.

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