The uptick in unemployment caught analysts by surprise as the economy added a paltry 39,000 jobs in November.
Like a recalcitrant and over-sugared child, U.S. unemployment figures just won’t settle down. The country’s jobless rate ticked up to 9.8 percent in November, a world away from economic recovery. —JCL
Los Angeles Times:
In a major setback for the economy, the nation’s jobless rate jumped to 9.8% in November as employers added a surprisingly measly amount of new jobs over the month, the government said Friday.
The unemployment rate had been at 9.6% in the prior three months. The increase last month came as employers added just 39,000 jobs in November—a sharp drop-off from a revised 172,000 job gains in October and an average monthly gain of 86,000 this year.
Many analysts were expecting that the report would show a second strong month of job growth, on the order of 150,000 or more new jobs. And there have been other signs that the long-sluggish labor market may be gaining momentum.