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US unemployment hits 4-year low

in International Business

US unemployment rate in November was down to a four-year low of 7.7%, after the US added 146,000 jobs.

The figure was well above most analysts’ expectations.

“Our analysis leads us to conclude that Hurricane Sandy did not substantively impact the national employment and unemployment estimates for November,” said John Galvin, acting commissioner at the Bureau of Labor Statistics (BLS), which produced the jobs report.

Although the latest jobs report beat expectations, this was in large part because expectations remain very low.

Statistics suggest that much of the decline in the unemployment rate since 2008 has been due to people dropping out of the workforce, either due to retirement or because they have given up seeking work.

The unemployment figure only includes those actively seeking a job, and once people stop doing so they drop out of the statistics.

The retail sector continued to lead the way in job creation, with professional services and IT also providing large contributions, while the construction sector, food manufacturing and chemicals saw sizable job losses.

Tags assigned to this article:
US economyUS job marketUS unemployment

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