U.S. adds 120,000 jobs, unemployment rate drops to 8.6%

The nation’s unemployment rate fell to 8.6 percent in November, with 120,000 jobs added, according to a Labor Department report.

This is slightly less than analysts’ expectations that 125,000 jobs would be added to the economy. The overall unemployment rate remains unchanged at 9 percent for the third straight month in a row.

The decline is a full 1.2 percentage points lower than it was in November last year. Nonfarm payroll employment added 140,000 private sector jobs in October, which means 1.9 million private sector jobs over the past year — an average of 157,000 a month, have been added.

In a statement, U.S. Secretary of Labor Hilda L. Solis, said: “The policies this administration has pursued are adding jobs back into the economy, and our recovery is picking up steam. In November, American companies increased hiring across virtually all regions and all sectors to keep pace with growing consumer consumption and demand. Last week we saw people talk with their wallets. One week after soaring Black Friday spending, we are seeing job growth firmly in the black heading into the holidays.”

“This is a strong report, but we can’t forget those Americans who lost their jobs during the recession and are still struggling,” she added.

Apparently, the sops like extending payroll tax cuts and unemployment insurance, and making smart investments in the economy helped to overcome the situation. “The clock is ticking. If Congress doesn’t extend emergency unemployment benefits for our long-term unemployed this month, 5 million Americans will lose their benefits next year,” she said.

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