US jobless rate climbs to 7-month high
By Jeannine Aversa |
December 4, 2010, Saturday
|
Print Edition
Print Edition
THE United States unemployment rate climbed to 9.8 percent in November, a seven-month high, as hiring slowed.
Employers added only 39,000 jobs last month, a sharp decline from the 172,000 created in October, the US Labor Department reported yesterday. The weakness was widespread. Retailers, factories, construction companies, financial firms and the government all cut jobs last month.
Many economists were predicting the addition of 150,000 jobs. The economy has recently flashed signs of gaining momentum with busier factories, rising auto sales and a good start to the holiday shopping season. But that didn't translate into mass hiring in November.
The report was a reminder that the economic recovery is proceeding more slowly and fitfully than many economists had expected. It is likely to push lawmakers to pass an extension of long-term unemployment benefits, which expired this week.
"November's US employment report is a painful reality check for those hoping that a meaningful acceleration in economic activity was under way," said Paul Dales, US economist for Capital Economics. "The truth is that the economy is going nowhere at a time when companies are not willing to boost hiring."
Private companies, the backbone of the economy, created only 50,000 jobs, the smallest gain since January.
Employers added only 39,000 jobs last month, a sharp decline from the 172,000 created in October, the US Labor Department reported yesterday. The weakness was widespread. Retailers, factories, construction companies, financial firms and the government all cut jobs last month.
Many economists were predicting the addition of 150,000 jobs. The economy has recently flashed signs of gaining momentum with busier factories, rising auto sales and a good start to the holiday shopping season. But that didn't translate into mass hiring in November.
The report was a reminder that the economic recovery is proceeding more slowly and fitfully than many economists had expected. It is likely to push lawmakers to pass an extension of long-term unemployment benefits, which expired this week.
"November's US employment report is a painful reality check for those hoping that a meaningful acceleration in economic activity was under way," said Paul Dales, US economist for Capital Economics. "The truth is that the economy is going nowhere at a time when companies are not willing to boost hiring."
Private companies, the backbone of the economy, created only 50,000 jobs, the smallest gain since January.
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