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Unemployment Rate Falls; Few Jobs Added
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| Contributor | Ced |
| Last Edited | Ced Jan 09, 2004 10:46am |
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| Category | News |
| Media | Website - Yahoo News: Iran |
| News Date | Friday, January 9, 2004 06:00:00 AM UTC0:0 |
| Description | The nation's unemployment rate dropped to 5.7 percent in December to the lowest level in 14 months, but employers finished the year without many help wanted signs for the holidays, adding just 1,000 new jobs.
The 0.2 percentage point drop in the jobless rate occurred because fewer people were looking for work, the Labor Department said Friday. More than 300,000 people gave up their search for jobs and dropped out of the pool of available workers.
"The rate is going down, but it is going down for the wrong reasons," said Bill Cheney, chief economist at John Hancock Financial Services, noting that it fell not because people were finding work. "That doesn't make you feel really good about the state of the jobs market." |
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