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U.S. Adds 146,000 Jobs; Jobless Rate Falls to 7.7%
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| Contributor | Jason |
| Last Edited | Jason Dec 07, 2012 09:19am |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Friday, December 7, 2012 03:00:00 PM UTC0:0 |
| Description | Shaking off the effects of Hurricane Sandy and the looming fiscal impasse in Washington, the economy created 146,000 jobs in November, well above the level economists had been expecting.
The report released Friday by the Labor Department also showed the unemployment rate fell to 7.7 percent, the lowest level in four years. But the drop came largely from a decline in the number of people seeking work and counted as officially unemployed.
Among specific industries, the retail sector was especially healthy, adding 53,000 jobs as the holiday shopping season approached. In the last three months, retail employment has increased by 140,000.
One notable point of weakness was the manufacturing sector, which lost 7,000 jobs in the month. Demand from Europe and other overseas markets has weakened recently, while some manufacturing companies have held off on spending as political leaders square off in Washington over how to cut the deficit.
The Labor Department revised job growth in previous months downward somewhat. October growth fell to 138,000 from an initial estimate 171,000, and September’s declined to 132,000 from 148,000. Average hourly earnings in November rose 0.2 percent, the report showed. |
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