United States: Unemployment falls to lowest level since March 2009
December 2, 2011
In November, non-farm payrolls advanced by 120,000, which came in above the revised 100,000 observed in October (previously reported: 80,000 jobs). The print, though, still fell slightly short of market expectations, which had non-farm payrolls rising by 131,000. As in previous months, the private sector was entirely responsible for new hiring by adding 140,000 jobs, which undershot market expectations of 150,000 new jobs. Employment rose most in services, especially in retail, ahead of the holiday shopping season. In contrast, the public sector maintained the downward trend seen in previous months, shedding 20,000 jobs. Unemployment, meanwhile, dropped 0.4 percentage points over the previous month to 8.6%, which marked the lowest level since March 2009. Nevertheless, this significant drop in unemployment benefited from a steep decline in the labour force of 315,000 people, which exceeded the 278,000 increase number of employed.