Unemployment falls in November

The U.S. unemployment rate decreased to 7.7 percent in November from 7.9 percent in October as U.S. employers added 146,000 jobs, according to The Washington Post. Analysts had predicted 85,000 jobs would be added.

However, the unemployment rate reportedly fell in part because the labor force fell by 350,000, indicating that people gave up looking for work. The number of people saying they had a job dropped by 122,000.

Additionally, the economy created 49,000 fewer jobs in September and October than previously estimated. Still, the job market has added an average of 157,000 jobs per month during the past year.

In November, the retail sector added 53,000 jobs; professional and business services sector added 43,000 jobs; leisure and hospitality sector added 23,000 jobs; and health care sector added 20,000 jobs. The construction sector lost 20,000 jobs. The mining, transportation and warehousing, financial services, government and manufacturing sectors basically were unchanged.

There currently are 12 million unemployed people in the U.S.

Date : 12/11/2012