Washington: The unemployment rate fell to 10 percent in November as employers cut the smallest number of jobs since the recession began.
The Labour Department says the economy shed 11,000 jobs last month, an improvement from October's revised total of 111,000. That's also much better than the 130,000 Wall Street economists expected.
But the respite may be temporary, as many economists expect the jobless rate to keep climbing into next year as the economy struggles to generate enough jobs for the 15.4 million people out of work.
If part-time workers who want full time jobs and laid off workers who have given up looking for work are included, the so-called underemployment rate also fell, to 17.2 percent from 17.5 percent in October.
Stocks surge after Nov jobs report
Washington: Stock prices are surging in early trading after the government said the nation's jobless rate dropped to 10 percent in November and far fewer jobs were lost.
The Labor Department says the economy shed 11,000 jobs last month, an improvement from October's revised total of 111,000. That's also much better than the 130,000 job losses that Wall Street economists expected.
The unemployment rate fell to 10 percent from 10.2 percent in October, where economists expected it to remain at a 26-year high.
But many analysts still expect the jobless rate to keep climbing into next year.
The Dow Jones industrial average is up 103.31, or 1 percent, at 10,449.46. The Standard & Poor's 500 index is up 12.19, or 1.1 percent, at 1,112.11. The Nasdaq composite index is up 30.75, or 1.4 percent, at 2,203.89.
Bureau Report
First Published: Friday, December 04, 2009, 20:34