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Friday, December 03, 2010

U.S. Adds 39,000 Jobs in November - Rate Rises to 9.8% -

U.S. Adds 39,000 Jobs in November - Rate Rises to 9.8% -

n a significant setback to the recovery and market expectations, the United States economy added just 39,000 jobs in November, and the unemployment rate rose to 9.8 percent, the Department of Labor reported Friday.

Included in the latest report were revisions from previous months. The agency now says that the economy added 172,000 jobs in October, instead of the 151,000 jobs previously reported.

November’s numbers were far less than the 150,000 jobs forecast . More than 15 million people remain out of work, and 6.3 million of them have been unemployed for six months or longer.

Private companies, which have been hiring since the beginning of the year, added 50,000 jobs in November. Government jobs dropped by 11,000.

November’s jobs report came during a week when the economy received a smattering of other improving news in the last few days: weekly initial unemployment claims have been trending lower, pending home sales in October topped forecasts and November retail sales jumped by one of their highest increases in years.

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