U.S. Job Market Improving
One of the most visibly changing areas of the economy is that of the job market.
In October, the United States Department of Labor reported that the unemployment rate in America had reached 10.2% ─ the highest it has been in 26 years. But on December 4, 2009, the Labor Department revealed information that could mean we’re getting closer to the light at the end of the tunnel.
The Department of Labor’s results show that the unemployment rate has dropped .2% to an even 10%. While still extremely high, the change could be the beginning of a trend that will finally bring an end to the biggest economic recession America has seen in more than a quarter-century.
While it may not seem like a very optimistic statistic, the Department of Labor also reported the good news that the United States economy only lost 11,000 jobs in November. Any job losses are, of course, undesirable, but when compared to other recent figures, the November job losses looks fairly promising. Adjusted statistics show that 139,000 jobs were lost in September and 111,000 were lost in October.
The amount of American job losses peaked in January and has been steadily declining throughout 2009. Even though trends have shown the job rate decreasing, and job losses were expected to be lower in November, the actual extent of the drop shocked economists.
To give some perspective on the job market, the last time economists were this pleased with job statistics was when the United States economy created an additional 120,000 jobs in December of 2007. For a decrease in job losses to be comparable to such a gigantic gain, the past two years have been incredibly grim.
