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Unemployment Rate Dips in November


NEW YORK ( TheStreet) -- The U.S. economy created 120,000 jobs in November, according to a report from the Bureau of Labor Statistics.

This compares with an upwardly revised 100,000 in October and the average economist expectation of 122,000, according to a survey of economists by Thomson Reuters.

The unemployment rate dropped to the lowest level since Mar. 2009 at 8.6%, compared with the 9% figure that economists were expecting.

Retail employment rose by 50,000 in the month, while employment rose by 22,000 in leisure and hospitality.

The professional and business services sector added 33,000 jobs.

Health care employment rose by 17,000.

The government continued to shed jobs, down 20,000 in the month. This includes a decline of 5,000 jobs in postal services.

Average hourly earnings for all employees on private nonfarm payrolls fell 2 cents, or 0.1%, to $23.18.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here: Andrea Tse.
Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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