Breaking News – Hiring up, Unemployment down in December
American employers stepped up their hiring in December, bringing the unemployment rate down again.
The economy added 200,000 jobs in the month, the Labor Department reported Friday, doubling the number of jobs added in November.
Meanwhile, the unemployment rate fell to 8.5%, the lowest level since February 2009.
Economists surveyed by CNNMoney had forecast 150,000 jobs added in the month, and expected the unemployment rate to tick up to 8.7%.
In 2011, the job market has gained 1.6 million jobs.
The encouraging news was coupled with revisions to the Labor Department’s data, going back five years, which showed the unemployment rate has fallen for four consecutive months.
Private businesses have been adding jobs consistently since March 2010, while the government has been bleeding jobs. In December, private employers added 212,000 jobs, while the public sector cut 12,000 jobs.
Source: CNNMoney
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