Job creation remained weak in the U.S. during November, with just 120,000 new positions created, though the unemployment rate slid to 8.6 percent, a government report showed Friday.
The rate fell from the previous month's 9.0 percent, which would reflect a drop in the participation rate among those without jobs.
Average earnings edged higher two cents to $23.18 an hour. Private payrolls increased 140,000, considerably less than a report earlier this week showing that nongovernment jobs were up by more than 200,000 for the month.
http://www.cnbc.com/
The rate is now lower than at any point since March 2009, when it was 8.6% as well.
In another positive development, October's figure for nonfarm payrolls was revised upward to show a gain of 100,000 from a previously reported 80,000, while September was revised up to a 210,000 gain from 158,000.
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The Labor Department data showed that some industries fared better than others. Retail trade rose by 50,000 jobs, with much of the increase occurring in clothing and electronics and appliance stores, the Labor Department said.
Leisure and hospitality jobs rose by 22,000, and professional and business services saw a gain of 33,000. Healthcare jobs rose 17,000. Manufacturing changed little.
The number of unemployed, according to the household survey, fell by 594,000 to 13.3 million. A broader measure that accounts for both job seekers and part-time workers who would prefer to be working full time--the so-called underemployed--fell to 15.6% from 16.2% in October.
http://online.wsj.com/...
Three straight months of six figure job gains.
Obama should make hay of this today. Not in a triumphant mood, of course, but highlighting the improvement, and comparing it to the 700,000 job losses a month when he came into office.