Jobless Rate Down To 8.6%; Labor Market Healing Slowly
Unemployment is at its lowest level since March 2009.
The Labor Department reported Friday that nonfarm U.S. payrolls increased by 120,000 last month, accelerating from October’s 80,000 gain and roughly matching analysts’ expectations. The U.S. jobless rate fell sharply from the prior month’s 9 percent level.
Private employers added a net gain of 140,000 jobs in November, but governments shed 20,000 jobs, mostly at the local and state level. Governments at all levels have shed nearly a half-million jobs in the past year. The Labor Department revised up its job gains for September and October by 52,000 and 20,000, respectively.
“The labor market is gradually healing. It’s a glacial pace, but we are taking small steps in the right direction,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Penn.Click here for reuse options!
Copyright 2011 Liberaland