US Unemployment fell in December

[EnglishLady]

BBC News Jan 7


BREAKING NEWS:US unemployment fell from 9.8% to 9.4% in December, its biggest one-month fall since 1998


More on this story as it comes in

 

[EnglishLady]

AP Breaking News

WASHINGTON – The nation's unemployment rate dropped to 9.4 percent last month, its lowest level in 19 months. That was because more people found jobs, but also because some people gave up on their job searches.

The Labor Department says employers added 103,000 jobs in December, an improvement from November's revised total of 71,000 but far below most analysts' expectations.

Once unemployed workers stop looking for work, the government no longer counts them as unemployed.

Through all of 2010, the nation added 1.1 million jobs, or an average of 94,000 jobs a month.

 

[OntarioVanMan]

AP Breaking News

WASHINGTON – The nation's unemployment rate dropped to 9.4 percent last month, its lowest level in 19 months. That was because more people found jobs, but also because some people gave up on their job searches.

The Labor Department says employers added 103,000 jobs in December, an improvement from November's revised total of 71,000 but far below most analysts' expectations.

Once unemployed workers stop looking for work, the government no longer counts them as unemployed.

Through all of 2010, the nation added 1.1 million jobs, or an average of 94,000 jobs a month.

A lot of people got seasonal work for the holidays...if January supports those numbers...I might believe it...

 

[EnglishLady]

A lot of people got seasonal work for the holidays...if January supports those numbers...I might believe it...

Agreed, and "Once unemployed workers stop looking for work, the government no longer counts them as unemployed"

Lets hope the January figures do support a trend.

 

[EnglishLady]

This just in on BBC News

The US unemployment rate dropped to 9.4% in December from 9.8% in November, the biggest one-month drop since April 1998,official figures show.

Some 103,000 jobs were created last month, the Labor Department said, although this was fewer than the 145,000-175,000 that had been forecast

The lower jobless rate was because more people found jobs, but also because some had given up on their searches.

If people stop looking for work, they are no longer counted as unemployed.

Overall employment for October and November was revised to show 70,000 more job gains than earlier reported.

Stubbornly high unemployment has hindered the US economic recovery.

Headline miss

The unemployment rate is now at its lowest since May 2009.

Private hiring increased in December by 113,000, while government employment fell by 10,000.

Employment rose by 47,000 in the leisure and hospitality sector and by 36,000 in healthcare, but was little changed in other major industries, the Labor Department said in its monthly report.

In volatile trading, the euro rose into positive territory against the dollar after the report but then relinquished those gains.

"The headline miss [on jobs created] is pretty bad, but the drop in the unemployment rate is the one reason why the dollar has not collapsed completely," said Brian Dolan, chief strategist from Forex.com.

"Overall, a very disappointing number that reinforces the idea that we're in for a long, slow jobless recovery."

 

[greg334]

Well I wish it was true but January numbers are not going to be the 1.3% reduction that we really need.

While true unemployment rate is still above 16%, there is a serious question who's numbers to believe and why are only benefit recipients being counted, because it skews the actual situation.

The same thing goes for the economic recovery, we had .01% gross increase in the economy with a growth of jobs in the low 5 digit range but not the near 6 digit range the labor department has stated. We need a mid 6 digit gain, not 100k here or there.

Some have considered Obama's handling of this recession parallel to Hoover's and FDR's moves that worsen the depression. Many still are looking at the new congress to flush out the facts and restore some confidence with the people. I have even heard to put the health care stuff on hold and straighten up the banking/wall street stuff that was passed and go after those in congress who caused this mess in the first place - but I doubt if this congress has the nerve to do that.