November unemployment picture improved or not
WASHINGTON D.C. (BDCi TV) – – The U.S. government reported that November’s unemployment rate lowered to 7.7% from October’s 7.9%, the lowest rate reported since December 2008.
In all 146,000 new jobs were added to the economy, higher than the estimate of 80,000 which was influenced heavily by the effects of Hurricane Sandy in the northeast.
Analysts point out that the drop in the unemployment rate was caused mostly by the removal of 350,000 persons from the labor force in the month.
Most of the pick-up in jobs was in the retail, professional services, leisure and hospitality industries.
The government also reported downward adjustments to new jobs in October and September where they over reported by a combined total of 49,000.
By Don Weinstein Source: Fox Business News Image: Examiner 8 December 2012
12:19p.m. p.s.t.