Unemployment Rate Drops to Lowest in 2 1/2 Years
The unemployment rate dropped in November and it was partly driven by small businesses. The rate fell to 8.6 percent, which is the lowest since March 2009. It passed 9 percent and stayed at that level or higher since then.
In November, the United States added 120,000 jobs according to the Labor Department. The country generated 100,000 or more jobs in five straight months. This is the first time that has happened since April 2006.
The stock market finished flat for the day but it is still up 787 points for the week. This is the largest point gain for a week since October 2008, when stocks fluctuated during the financial crisis. According to the report, September and October were stronger than the estimates with regards to jobs growth. The government changed its figures for the past months.
September was revised to reflect an additional 52,000 jobs, for a gain of 210,000. October was revised up by 20,000, for a total gain of 100,000. The unemployment rate peaked in October 2009 at 10.1 percent, which is just four months after the end of the Great Recession. It dropped to 8.9 percent last February and 8.8 percent last March but remained at or above 9 percent for the rest of the months.