Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Unemployment Rate Drops To 7 Percent

WASHINGTON (UPI) — The U.S. unemployment rate dropped from 7.3 percent to 7 percent in November on the gain of 203,000 jobs, the Labor Department said Friday.

The drop was significantly larger than expected. Economists had predicted a drop to 7.2 percent.

The good news will likely jolt Wall Street, where investors are wary that positive economic news puts the U.S. Federal Reserve closer to pulling back on its $85 billion per month asset purchasing program.

“This week’s data … add to the sense that the Fed will be itching to pull the trigger to take the first shot at killing off its huge $85 billion per month asset purchase program at its December meeting,” said Markit Economics Chief Economist Chris Williamson.

The Fed might “at least to fire a warning shot that the time has come to start slowly bringing about some normalization of policy. However, the most likely outcome still looks like a deferment of any decisions until the new year,” Williamson said.

In the monthly report, October’s jobs gain was revised lower, from 204,000 to what Williamson called “a still-buoyant 200,000.”

An upward revision for September offset that loss with the department adding 12,000 more jobs to its September estimate, bringing the total for September from 163,000 to 175,000.

The department said the civilian workforce rose in November, climbing by 455,000 after dropping by 720,000 in October. However, the number of long-term unemployed — those out of work for 27 weeks or more — was essentially unchanged in the month, holding at 4.1 million, which is a staggering 37.3 percent of the unemployed.

The department said Federal jobs continued to decline, dropping by 7,000 in November, consistent with the 92,000 Federal jobs lost in the past 12 months.

The gains included 35,000 new jobs in professional and business services, 31,000 in transportation and warehousing, 28,000 in healthcare, 27,000 in manufacturing and 22,000 in retail. Leisure and hospitality gained 18,000 jobs in the month, while construction added 17,000, the department said.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Facebook Conversations

Join the Discussion:
View Comments to “Unemployment Rate Drops To 7 Percent”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.