U.S. Unemployment Rate Drops to Lowest Since December 2008
The U.S.unemployment rate fell to its lowest since December 2008 at 7.7 percent, with the economy adding 146,000 jobs in November. The government said Superstorm Sandy had only a minimal effect on the figures.
Latino jobless numbers held steady at 10 percent, after dropping slightly in September, from 11.4 to 9.9 percent.
A thorough review of the report released by the Labor Department Friday offered a mixed picture of the economy.
Throughout the storm, hiring remained steady in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than it initially estimated.
And the unemployment rate fell to a four-year low in November from 7.9 percent in October mostly because more people stopped looking for work and weren’t counted as unemployed.
The report “is something of a mixed bag but, on balance, it’s a positive,” said Paul Ashworth, an economist at Capital Economics.
Sandy’s effect on the figures was much smaller many analysts had predicted. The government noted that as long as employees worked at least one day during a pay period — two weeks for most people — its survey would have counted them as employed.
Still, there were signs that the storm disrupted economic activity. Construction employment dropped 20,000. And weather prevented 369,000 people from getting to work — the most for any month in nearly two years. These workers were still counted as employed.