After three months of holding steady, the unemployment rate rose to 9.8 percent in November, with payroll employment showing little growth, the U.S. Bureau of Labor Statistics reported Friday.So, what was that you were saying about unemployment benefits creating jobs, Nancy?
The jump is another sign of weakness in the nation's economic recovery. The monthly report dashed the expectations of economists, many of whom had predicted much more robust job growth.
Instead, while nonfarm payroll employment climbed 172,000 in October, the report said, it rose by only 39,000 in November.
The news also punctures some of the optimism that had been building because of other recent positive signs in the economy: Pending home sales jumped a surprising 10 percent; sales by U.S. automakers climbed by double-digit percentages; and many of the nation's largest retailers reported better-than-expected sales last
Nevertheless, the unemployment report depicted an economy that was faltering, even weakening in its ability to add jobs.
Friday, December 03, 2010
Unemployment Back Up In November: 9.8 Percent
Even the Washington ComPost can't spin this "unexpected" news.