Unemployment sees sharp decline in November

Unemployment figure released today shows a “mere” 11,000 number of jobs lost for the month of November, following a revised 110,000 reported in October.  This much better showing brings the unemployment rate down to 10% from the previous reading of 10.2%.  From the start of the recession in December 2007, more than 8 million jobs have already been lost.

Job losses in the construction, manufacturing, and information industries were offset by job gains in temporary help services and health care.  Since the recession began, payroll employment has decreased by 7.2 million.  Employment in the construction, manufacturing, and the information industry was lower by 27,000, 41,000 and 17,000 respectively.  But these were offset by the 86,000 jobs created by business and professional services while the health care industry put 21,000 at work.
Productivity in terms of average workweek edged a bit higher while average hourly earnings were also up.
See the official release from the Bureau of Labor Statistics here.
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