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US economy adds 146K jobs, unemployment rate falls to 7.7 pct.



Published: Fri, December 7, 2012 @ 10:20 a.m.

WASHINGTON (AP) — The U.S. economy added 146,000 jobs in November and the unemployment rate fell to 7.7 percent, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.

The Labor Department's report today offered a mixed picture of the economy.

Hiring remained steady during the storm and in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than it initially estimated.

And the unemployment rate fell to a four-year low in November from 7.9 percent in October mostly because more people stopped looking for work and weren't counted as unemployed.

The report "is something of a mixed bag but, on balance, it's a positive," said Paul Ashworth, an economist at Capital Economics.

Sandy's effect on the figures was much smaller many analysts had predicted. The government noted that as long as employees worked at least one day during a pay period — two weeks for most people — its survey would have counted them as employed.


Comments

1Silence_Dogood(1356 comments)posted 1 year, 10 months ago

"And the unemployment rate fell to a four-year low in November from 7.9 percent in October mostly because more people stopped looking for work and weren't counted as unemployed."

So if you give up in despair, then you really are not out of work and unemployed? Only in the Government world do you end up with such logic.

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