- Jun 29, 2007
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Unemployment Rate Falls to 10%
It's a start.
But the dark clouds of a jobless recovery linger on the horizon.
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U.S. job losses in November posted the smallest drop since the start of the recession and the unemployment rate unexpectedly declined, a sign the labor market is finally healing as the economy recovers...
... was the best showing since December 2007, when the recession began ...
Employment fell in construction, manufacturing, and information, while temporary help services and health care added jobs.
In a separate report, U.S. factory orders rose for the sixth time in seven months in October, posting a 0.6% gain on the heels of stronger than previously estimated growth in September....
Employment in the service sector -- the main source of U.S. jobs -- rose by 58,000 in November. But that was more than offset by manufacturing companies shedding 41,000 jobs and construction companies cutting 27,000.
Health-care employment continued to rise in November, by 21,000. The industry has added 613,000 jobs since the recession began at the end of 2007....
It's a start.
... In minutes released after their Nov. 3-4 meeting, Fed officials said they expect the jobless rate to remain between 9.3% and 9.7% by this time next year, and to settle above 8% in 2011, levels usually seen in recessions.
But the dark clouds of a jobless recovery linger on the horizon.
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