Unemployment Hits Four-Year Low of 7.7 Percent On Obama’s Watch
Matt | On 07, Dec 2012
Nay-sayers be damned! President Obama is going to win regardless of what his harshest critics say about him.
The monthly jobs report was released on Friday morning and further confirms what the president was saying all along on the campaign trail. The economy is slowly coming back.
November unemployment fell to a four-year low of 7.7 percent. The economy added 146,000 jobs to the rolls at the same time.
As with any unemployment figures, you have to be honest that we have a long way to go. The numbers do not include those who stopped looking for work. Let’s look at a few other points of note from the data:
- African-Americans have an unemployment rate of 13.1 percent for the month.
- Hispanics have an unemployment rate of 10.1 percent.
- Whites came in with 6.8 percent unemployment.
- 4.8 million people have been jobless for 27 weeks or more.
- 979,000 people are considered “discouraged” workers — meaning they think there is no employment in the marketplace for them.
Hopefully, these numbers continue to trend downward. We are still doing the hard work of escaping the Great Recession.