National Unemployment Down to 7.7 Percent

The first jobs report released after President Barack Obama’s re-election is better than expected

Despite the damage from Hurricane Sandy, 146,000 jobs were added to the economy in November, according to figures from the Labor Department released on Friday morning.   

The unemployment rate of 7.7 percent is the lowest since December 2008, according to the Associated Press, and down from October's 7.9 percent unemployment. Twelve million people remain unemployed.

The Department of Labor reports that the number of people unemployed for 27 weeks or more “was little changed at 4.8 million." 

The November unemployment rate for Connecticut will not be available for two more weeks. In October the state saw its unemployment rate rise to 9 percent for the third time this year.

The full national jobs report can be viewed on the Bureau of Labor Statistics’ website.

Veritas vos liberabit December 07, 2012 at 07:29 PM
The recovery continues............................... WASHINGTON | Thu Dec 6, 2012 1:43pm EST (Reuters) - The net wealth of U.S. households rose in the third quarter to its highest since late 2007, providing a hopeful sign for future consumer spending. Net financial wealth grew $1.72 trillion to $64.77 trillion, the Federal Reserve said on Thursday.
No Spin Zone December 07, 2012 at 08:33 PM
In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments. By November, according to data BLS released today, the total number of people employed had climbed to143,262,000, an overall increase of 847,000 in the six months since June. In the same five-month period since June, the number of people employed by government increased by 621,000 to 20,559,000. These 621,000 new government jobs created in the last five months equal 73.3 percent of the 847,000 new jobs created overall.
No Spin Zone December 07, 2012 at 08:34 PM
The real kicker that no one is talking about? 73% of the new jobs are GOVERNMENT jobs. I'll repeat that. Almost THREE FOURTHS of those jobs "created" are not in the private sector, but our ever-growing government.
Veritas vos liberabit December 07, 2012 at 09:04 PM
The private sector accounted for almost all the November job growth, adding 147,000 jobs. Average growth over the last three months has been 153,000. All the loss in public sector employment over this period was attributable to decline in employment of 50,000 in local government education. Without the loss of jobs in this sector, government employment would have been essentially flat over the last year. http://www.cepr.net/index.php/data-bytes/jobs-bytes/unemployment-rate-edges-down-to-77-percent-as-job-growth-slows


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