Unemployment Rate Falls Sharply
Unemployment in November dropped unexpectedly to 8.6 percent, the U.S. Labor Department announced Friday.
The unanticipated decline raised hopes for a quicker recovery in the nation, with President Barack Obama praising the economy for showing positive results despite “strong head winds.”
The economy recorded 21 consecutive months of growth in the private sector jobs pool. Through November, business had gained 140,000 jobs while public organizations let go of 20,000 employees, the Los Angeles Time reported.
White officials are also careful not to rest on the apparent achievements. "Signs of progress are good," but "8.6% is way too high," said White House Press Secretary Jay Carney, the Los Angeles Times reports.
Alan Krueger, Obama’s chief economic advisor, noted that nearly half of the unemployment decline in November resulted from 315,000 people leaving the labor force. Many included women who were discouraged by the lack of job prospects, The Los Angeles Times reports.
But Democratic analysts believe this low unemployment rate, which is the lowest since March 2009, may help voters perspective on the state of the economy, saying the “hope factor" will be increased, said John Anzalone, a Democratic pollster who previously worked for the president, the Los Angeles Times reports.
The job growth figures in November were at an average of 143,000 a month. But the government would have to form jobs at a much quicker rate to make a significant change in the unemployment rate, in view of the growing workforce figures, the Los Angeles Times reports.