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US unemployment rate eases to 10% US unemployment rate eases to 10%
(about 1 hour 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.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. In all, 11,000 jobs went over the month. That was far fewer than the 130,000 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". However, for an economy the size of the US, the change was so small that the Labor Department described employment 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. Revised figures for October also showed an improving trend. Originally, official estimates said 190,000 jobs were lost, that was revised down to 111,000.
Four sectors actually added jobs: professional and business services, education and health, temporary help employment and the government itself. The White House spokesman, Robert Gibbs, said the sharp slowdown in job losses showed "much-needed progress", but added that the Obama administration was still looking at providing help to the labour market.
These are eye-popping numbers Tom Sowanick, Omnivest Group
More than 15 million Americans are out of work, twice the number at the start of the recession. Mr Gibbs said they were looking at the prospects for using remaining financial bail-out funds to help create employment.
Four sectors added jobs in November the Labor Department figures showed: professional and business services, education and health, temporary help employment and the government itself.
Suffering sectorsSuffering 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.
However, there are still some sectors that are seeing substantial job losses. Construction is still suffering, with 27,000 jobs lost over the month.However, there are 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.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.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."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.""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.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," said Tom Sowanick, chief investment officer of the Omnivest Group."These numbers are almost too good to be true. Having said that, they are consistent with the weekly decline in initial unemployment claims," said Tom Sowanick, chief investment officer of the Omnivest Group.
"There's a 193,000 net improvement in jobs for the month. Average weekly hours worked [are] also up which is good for consumption spending. These are eye-popping numbers.""There's a 193,000 net improvement in jobs for the month. Average weekly hours worked [are] also up which is good for consumption spending. These are eye-popping numbers."