The Labor Department’s findings for the month of November show great signs of growth in the job market. According to their findings, there were 120,000 jobs added and the unemployment rate dropped to 8.6 percent from 9.0 percent in October. Even though the rate of hiring may not be picking up as fast as working American would like, any sign of growth is a good sign.
According to an article from Yahoo! Finance, the drop in the unemployment rate was the largest monthly decline since January of this year. Millan Mulraine, senior macro strategist at TD Securities in New York said in the article that, “The economy is continuing to head in the right direction.” That is what unemployed Americans all over the country want to hear. That the economy is heading in the right direction and that finding a job might possibly be easier than in previous months.
Though there is sign of growth, Mulraine states that there needs to be more jobs created to really get the ball rolling. “However, the ultimate test of the sustainability of the recovery is for the economy to create a sufficient number of jobs to sustain a consumer-led rebound in activity. On this measure, this report falls short.” It may fall short for experts, but compared to October and September this month saw an increase in new jobs which offers the thousands of unemployed Americans the hope they have been looking for. It is also important to note that the holiday season is also contributing to the job market with more than a third of all new private sector jobs accounted for by the retail sector. As the article states, “Data ranging from manufacturing to retail sales suggest the U.S. economy’s growth pace could top 3 percent in the fourth quarter, an acceleration from the third quarter.”
SOURCE: Yahoo! Finance