Payrolls Rise by 97,000 Jobs; Unemployment Rate Dips to 4.5%

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U.S. payrolls rose by 97,000 in February and the unemployment rate dipped to 4.5% from 4.6% the previous month, the Labor Department said Friday.The jobs gain followed a revised 146,000 gain in January that was higher than originally reported, Labor said. The level was slightly higher than analysts’ forecasts 95,000 new jobs, Bloomberg reported. The unemployment rate was forecast to hold at 4.6%.Manufacturing employment fell by 14,000 after losing 2,000 in January. Service employment jumped 168,000. The unemployment-rate gauge is based on a survey of households. The number of payroll jobs added is determined by a separate survey of business and government establishments.Because employment levels drive so much economic activity, an increase in employment can help consumer confidence and spending patterns, which affect trucking demand.