Walter Mencken 9:21 p.m., Oct. 20
Unemployment Rate Falls; Job Growth Disappointing
The U.S. created 120,000 jobs in November, a bit less than the 125,000 economists expected, the Labor Department reported today (Dec. 2).
The unemployment rate fell to 8.6%, the lowest in two and a half years, but economists said that was greatly the result of 315,000 people dropping out of the workforce by stopping looking for jobs. The overall result was more evidence that the U.S. economy is picking up quite moderately.
The nation would have to add 250,000 jobs a month for several years to bring the unemployment rate down to the pre-recession level of 6%, says MarketWatch.
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