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. More at WSJTemporary workers are also on the rise, which is another positive sign. The increase in temp workers means companies need help but they are still cautious about hiring permanent workers:
The unemployment rate, calculated using a survey of households as opposed to companies, edged lower to 10% in November from 10.2%. Economists had forecast the jobless rate would remain at October's level of 10.2%, when it rose to the highest level since April 1983.Christina Romer warns not to get too excited yet:
Employment fell in construction, manufacturing, and information, while temporary help services and health care added jobs.
The unemployment rate, which had risen to 10.2% in October, declined to 10.0% in November. This decline primarily reflects an increase in the number employed, as measured by the household survey. Despite the welcome decline, the unemployment rate remains unacceptably high. This underscores the need for the responsible actions to jumpstart private-sector job creation that the President highlighted at yesterday’s Forum on Jobs and Economic Growth at the White House.Obama will speak about jobs at 11:50 am eastern. What's to come from the jobs summit? A jobs bill:
There are many bumps in the road ahead. The monthly employment and unemployment numbers are volatile and subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, positive or negative. But, it is clear we are moving in the right direction. WH blog
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