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The Spectacle Blog

Unemployment Rate Drops to 10 Percent

By Philip Klein on 12.4.09 @ 9:08AM

In a bit of good economic news that is sure to be touted by the White House, the November unemployment rate has declined to 10 percent, as job losses slowed to 11,000 in the month.

The Department of Labor also revised downward the job losses in the previous months. September was revised to 139,000 job losses to 219,000 job lossses, and October was revised down to 111,000 job losses from 190,000.

The largest gains in November came from jobs in "professional and business services," which rose 86,000, (52,000 of those jobs were temporary). Health care employment increased by 21,000, But offsetting those gains were construction employment (-27,000), manufacturing employment (-41,000), and information industry employment (-17,000).

At the same time, however, there were 861,000 discouraged workers in November, up from 608,000 a year earlier. Also, 9.2 million people were still working part-time because their hours were cut or they couldn't find full-time employment, a number that was unchanged.

The bottom line is that this morning's report still shows that the economy is losing jobs, but at a slower rate. Of course, one month of good data doesn't make a trend. This report may be a sign that the worst is over on the unemployment front, or it could be an aberration.

View all comments (6) | Leave a comment

Derek Leaberry| 12.4.09 @ 10:12AM

I guess Obamanomics is working!

More seriously, as even the Washington Post economics writer Frank Ahrens admitted yesterday in a chat, true unemployment is 17.5 % if the discouraged and part-time are counted. And what of the salaries of those still employed? Is anyone outside of LeBron James going to get a raise in the next couple years? How many people will keep their jobs at a lower wage? My own business is off 20 % this year. How many other businesses have a similar or worse tale to tell? As the Obama "recovery"'s imputus is money stolen from future generations of Americans, by what honest extent is this a recovery? It is a recovery by theft, it is a recovery at all.

a wyatt man| 12.4.09 @ 10:34AM

By what twisted logis is losing 10000 + jobs in a month a good sign?

I just was notified today of the cancellation due to "lack of participation of exhibitors" of a major trade show that I attend. In past years, this show has been sold out wall to wall with exhibitors.

Tim| 12.4.09 @ 10:44AM

Grate news.

democratsarefascists| 12.4.09 @ 11:58AM

This supposed upswing exactly matches the holiday hiring from last year.

Don't they take these false factors into account?

I guess not, since we know they faked the current figures by deliberately leaving out those who've given up, who have been unemployed for months and don't bother to apply.