Economy Creates 120,000 Jobs, Rate Tumbles to 8.6%
Published: Friday, 2 Dec 2011 | 8:34 AM ET
By: Jeff Cox
CNBC.com Senior Writer
Job creation remained weak in the U.S. during November, with just 120,000 new positions created, though the unemployment rate slid to 8.6 percent, a government report showed Friday.
The rate fell from the previous month's 9.0 percent, a move which in part reflected a drop in those looking for jobs. The participation rate dropped to 64 percent, from 64.2 percent in October.
The actual employment level increased by 278,000.
The measure some refer to as the "real" unemployment rate, which counts discouraged workers, also took a steep fall to 15.6 percent from 16.2 percent, its lowest level since March 2009.
Average earnings were essentially flat, up two cents to $23.18 an hour. Private payrolls increased 140,000, considerably less than a report earlier this week showing that nongovernment jobs were up by more than 200,000 for the month.
As expected, the service sector was responsible for the bulk of job creation, adding 126,000 jobs against just 2,000 for manufacturing. Government payrolls fell 20,000, including a 4,000 drop in federal positions.
Full story: http://www.cnbc.com/id/45521793
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