The unemployment rate fell by 0.4 percentage point to 9.4 percent in December, and nonfarm payroll employment increased by 103,000, the U.S. Bureau of Labor Statistics reported today. Employment rose in leisure and hospitality and in health care but was little changed in other major industries.
The number of unemployed persons decreased by 556,000 to 14.5 million in December, and the unemployment rate dropped to 9.4 percent. Over the year, these measures were down from 15.2 million and 9.9 percent, respectively.
The one explanation for the difference would be an increase in discouraged workers. That number rose from last December by 389,000; November’s figures are not available (the historical data set was down). Also, the civilian labor force participation rate did drop to 64.3%, which indicates that people are still leaving the work force rather than rejoining it.
All in all, this is a disappointing report, even with the drop in the top-line number. For the year, job growth has averaged 94,000 per month, below the level needed to keep up with population growth. For workers and employers, 2010 was a lost year.
Since the unemployment rate has gone down that meas you all get a Gregalouge.
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