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US unemployment rate eases to 10% | US unemployment rate eases to 10% |
(21 minutes later) | |
The US unemployment rate fell in November to 10% from 10.2% in October, Labor Department figures show. | The US unemployment rate fell in November to 10% from 10.2% in October, Labor Department figures show. |
Employers in November cut the lowest number of jobs since the recession began in December 2007. | |
In all, 11,000 jobs went over the month. That was far fewer than had been expected by most analysts. | |
However, for an economy the size of the US, the change was so small that the Labor Department described it as "essentially unchanged". | |
Payrolls have fallen every month for almost two years, but this year, the pace of decline has slowed sharply. | Payrolls have fallen every month for almost two years, but this year, the pace of decline has slowed sharply. |
In October, 190,000 jobs were lost, and the forecast for November was for another 130,000 to be cut. | |
Four sectors actually added jobs: professional and business services, education and health, temporary help employment and the government itself were those cited by the Labor Department. | Four sectors actually added jobs: professional and business services, education and health, temporary help employment and the government itself were those cited by the Labor Department. |
Suffering sectors | |
Although the unemployment rate has risen for almost two years solid, the rate of increase has been dropping throughout the year. | Although the unemployment rate has risen for almost two years solid, the rate of increase has been dropping throughout the year. |
There are, though, still some sectors that are seeing substantial job losses. Construction is still suffering, with 27,000 jobs lost over the month. | |
These are eye-popping numbers Tom Sowanick, the Omnivest Group | |
Manufacturing is another area badly hit. It saw payrolls shrink by 41,000 between October and November. | |
There was a mixed reaction to the better-than-expected figures. Some saw it as simply a rogue month. | |
"Today's US employment report for the month of November was surprisingly good, but we believe it is a blip," said Jason Schenker, president of Prestige Economics. | |
"The worst is not behind us - at least not for the job market." | |
Others, although taken by surprise, thought the figure might signal a turning point. | |
"These numbers are almost too good to be true. Having said that, they are consistent with the weekly decline in initial unemployment claims. good for consumption spending. These are eye-popping numbers," said Tom Sowanick, chief investment officer of the Omnivest Group. |