The economy got some unexpected good news today with the release of the Labor Department’s November jobs report. Here are some highlights:
- The unemployment rate fell to 8.6%, the lowest since March 2009.
- Employers added 120,000 jobs in November.
- An additional 72,000 jobs were added during September and October, more than was originally thought.
This is all great news but there are some things to keep in mind. One of the reasons the unemployment rate declined is because a lot of people gave up the job search all together. A closer look at the report shows that roughly 315,000 Americans dropped out of the labor market. So while the drop in unemployment does reflect more Americans getting work, it’s not the only reason.
Economists had expected the unemployment rate to remain unchanged from the previous month, so this is a welcome surprise. And we have to take the good news when it comes. We just have to remember that the job market still has a long way to go before it is fully recovered. But this is definitely a step in the right direction.
In the mean time, use this news as a way to re-energize your job hunt.