November Unemployment Rate Improves to 8.6 Percent
Matt | On 02, Dec 2011
There is at least some good news on the employment front after the November numbers were released this morning.
The U.S. unemployment rate fell to 8.6 percent in the month of November, down from 9.0 percent in October. A net total of 120,000 jobs were added to the economy. The leader in job creation by far was the private sector, which added 140,000 new jobs. The government, on the other hand, lost 20,000 jobs.
State-by-state figures are usually released later in the month.
The federal information bodes well for President Obama on the campaign trail. But, it could be a little too soon to tout this good news. Some Americans have been unemployed for several months (43 percent of the unemployed have been jobless for 27 weeks or longer). They will want to see month after month of solid decreases in the unemployment rate to believe the hype. Plus, unemployed people have to really start getting jobs! Nobody cares about good news if it isn’t happening to them.
Of course, the 8.6 percent rate does not include those who have completely given up on looking for work. Never be fooled by the official federal government figures. There are far more people without work than we are being led to believe.
To check the federal unemployment rate for yourself at any time, click here.