NORTON META TAG

03 December 2010

U.S. Unemployment Rate Jumps To 9.8 Percent 3DEZ10

THE unemployment rate is up.......this after the wealthy have been receiving their bush era tax cuts during this recession.....and the question remains unanswered......where are the jobs these tax cuts for the rich are supposed to be creating? Contact Pres Obama and tell him what you think at 
http://www.whitehouse.gov/contact

November Employment By The Numbers

Total nonfarm jobs: +39,000
Private: +50,000
Government: -11,000
Retail: -28,100
Construction: -5,000
Manufacturing: -13,000
Services: +65,000
Education and health: +30,000
Leisure and hospitality: +11,000
Source: Labor Department
The nation's unemployment rate rose to 9.8 percent in November after holding steady for months, defying analysts' expectations and raising concern that the economic recovery was losing steam.
The rate was up from 9.6 percent in October, where it had held for three straight months. The rate now has topped 9 percent for 19 months –- the longest stretch on record.
Employers added only 39,000 jobs last month, a sharp decline from the 172,000 created in October, the Labor Department said Friday. The number was also far below the 150,000 or so new jobs most economists had expected –- a figure that would have kept the unemployment rate steady.
"It's disappointing, to say the least," said Stephen Bronars, senior economist at Welch Consulting.
Bronars said private sector employment has hovered around 1 percent for the past year and "that's just not enough to pull us out of this deep recession."
Private employers added 50,000 jobs, down significantly from the 160,000 private-sector jobs created in October and the smallest gain since January.
"Job growth is not strong enough to take up all the new entries in the job market," economist Hugh Johnson told NPR. "It's a very disappointing report almost across the board."
Johnson said "the economy is recovering, but it's recovering at a very, very slow pace,"
Weakness hit most sectors of the economy, including retailers, factories, construction companies, financial firms and the government. In all, 15.1 million people were out of work in November.
The few bright spots included health care, which added 19,000 jobs, and the mining sector, adding 6,000 jobs in November.
The number of "underemployed" –- defined as people working part-time who would prefer full-time jobs and those who have given up looking for work — was 17 percent, the same as October. Still, the figure remains close to a record high set last year.
About 7 million to 8 million private-sector jobs were lost in the 2007-2009 period, Bronars said.
"We got about a million of them back, but there are more and more people entering the labor force," he told NPR.
A record 1.3 million "discouraged" workers -– people who have given up looking — were counted in the November numbers.
Last month, retailers slashed 28,100 jobs. Factories sliced 13,000. Financial firms cut 9,000 and construction companies trimmed 5,000. The public sector eliminated 11,000 positions, mostly reflecting cuts from local governments.
The economy needs to add at least 120,000 jobs to prevent the unemployment rate from rising. To reduce the unemployment rate significantly, monthly job creation has to be a lot stronger - up to 300,000 new jobs a month.
Scott Neuman and the Associated Press contributed to this report.

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