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Jobs report sees reduction in US unemployment

Unemployment rate declines from 7.9 per cent in October to 7.7 per cent in November, a four-year low.
Last Modified: 08 Dec 2012 03:42

The latest US jobs figures have shown an additional 146,000 jobs created in November, according to the Department of Labour.

Friday's numbers, which see the unemployment rate fall to 7.7 per cent, the lowest rate since December 2008, come after analysts had feared Hurricane Sandy would have had a greater negative impact on the economy.

Alan Krueger, chairman of the Council of Economic Advisers, which advises the president, said the report "provides further evidence that the US economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression.

"It is critical that we continue the policies that are building an economy that works for the middle class."

A statement from the council said the economy had now added private sector jobs for 33 straight months, a total of 5.6 million.

However, Krueger also warned "the monthly employment and unemployment figures can be volatile ... it is important not to read too much into any one monthly report".

Al Jazeera's Alan Fisher, reporting from Washington, said the 146,000 new jobs represented a "slightly better than expected" number.

Fisher pointed to the lack of jobs created in the manufacturing sector, considered a benchmark industry, as a sign that the economy is "not growing as fast it could".

The uncertainty around the "fiscal cliff", the steep tax hikes and spending cuts beginning in 2013 if existing laws are not changed by December 31, has also affected potential employers, said our correspondent.

"If people are worried about what's going to happen January, February and March of next year, they're not going to start employing people," said Fisher.

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Source:
Al Jazeera And Agencies
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