The unemployment rate edged down to 10.0 percent in November, and the number of jobs lost was 11,000, the U.S. Bureau of Labor Statistics reported today. In the prior 3 months, payroll job losses had averaged 135,000 a month.
In November, jobs were lost in construction, manufacturing, and information, while temporary help in the services and health sectors saw an increase in jobs
Meanwhile, in November, both the number of unemployed persons, at 15.4 million, and the unemployment rate, at 10.0 percent, edged down. At the start of the recession in December 2007, the number of unemployed persons was 7.5 million, and the jobless rate was 4.9 percent.
Despite the “good” news, millions of Americans across the U.S. are without jobs, with little prospects for re-entry into the job market, unless businesses begin to re-hire.
President Obama at the jobs summit convened yesterday said that, while job creation must be led by the private sector, he is open to considering new ideas that could be implemented to spur jobs and would take every responsible step to achieve this. Nonetheless, he warned about funding constraints that would be faced in doing so.
One proposal put forward to accelerate jobs is to utilize some $70 billion in unspent TARP funds for infrastructure projects across the nation.
President Obama has indicated he would speak in more detail on new jobs creation ideas next week.
Source: US Department of Labor
