Unemployment Rates in the US Revised Up to 7.8 Percent as Part of Annual Change
Article published on 2013/14/01 10:09
Last year, the nation’s unemployment rate dropped to the lowest it has been in almost four years in September, giving President Barack Obama a potential upbeat talking point as the presidential race heads into the final innings. U.S. employers added 155,000 jobs in December last year, which is widely believed to be a steady gain that shows hiring held up during tense fiscal cliff negotiations in Washington. Robust hiring in manufacturing and construction fueled the gains. Construction added 30,000 jobs, the most in 15 months. That likely reflects additional hiring needed to rebuild after Hurricane Sandy and also solid gains in home building that have contributed to a housing recovery. Manufacturing gained 25,000, the most in nine months. Even with the gains, hiring is far from accelerating. Employers added an average of 153,000 jobs a month last year, matching the monthly average in the year 2011.
Unemployment Rate in the Us Drops to 7.8 Percent
Recently this year, the Labor Department reported that the unemployment rate in the US fell to 7.8 percent in December 2012, a decline of 0.3 percentage point and the lowest since January 2009. The government said the economy created 114,000 jobs, about as expected, and generated 86,000 more jobs in July and August than first estimated.
A survey of households from which the jobless rate is derived showed 873,000 job gains in September, the most since June 1983. The drop in unemployment came even as Americans come back into the labor force to resume the hunt for work. The workforce had shrunk in the prior two months.
Job Growth and Decline in the US in 2012
The Bureau of Labor Statistics estimated the unemployment rate for December last year to be 7.8 percent, with the economy adding approximately 155,000 jobs. The December rate is essentially the same as the revised November rate, and the national unemployment rate has been set at or very near 7.8 percent since September last year.
According to the national household survey, the number of employed persons held steady over the month, and has been estimated at 143.3 million since October. The number of unemployed persons grew slightly, from 12.0 million to 12.2 million, although not enough to change the unemployment rate.
Job growth has been steady and tepid for months now, and the announcement for new jobs added is in line with investor expectations. Estimates show that over the course of 2012, employers added roughly 1.8 million jobs.
Government jobs shrank by 13,000 from November to December. Over the past year, America has shed roughly 68,000 public sector jobs. On the other hand, the private sector has added 1.9 million jobs, with significant numbers of jobs being added in health care, food and beverage service, construction, and manufacturing.
Source : November US unemployment rate revised up to 7.8 percent as part of annual change
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