Unemployment rate drops in November

The U.S. unemployment rate fell from 9 percent to 8.6 percent in November—the lowest level since March 2009—as employers added 120,000 jobs, according to The Washington Post.

Additionally, the government reported job creation in September and October was stronger than previously reported, with an additional 72,000 jobs. And the survey of U.S. households, on which the unemployment rate is based, has shown strong job growth for four consecutive months—321,000 jobs per month on average.

Still, about half the drop resulted from people leaving the labor force, and average hourly earnings increased only 0.1 percent—or 2 cents—to $23.18.

In November, the retail sector added 50,000 jobs; professional and business services sector added 33,000 jobs; leisure and hospitality sector added 22,000 jobs; and health care sector added 17,000 jobs. The government sector cut 20,000 jobs, and the manufacturing and construction sectors basically were unchanged.

There currently are 13 million unemployed people in the U.S.

Date : 12/8/2011