Unemployment rate drops to 8.6 percent

12.02.2011


Unemployment rate drops to 8.6 percent
Unemployment rate drops to 8.6 percent

The Bureau of Labor Statistics recently released its Employment Situation Summary for November, which indicated that the unemployment rate fell to 8.6 percent

One of the main drivers that brought the rate down to its lowest level since March 2009 was increased employment in professional and business services, which can include accounting and finance staffing.

In hard figures, employment among nonfarm workers rose 120,000 in the month. Private employers added 140,000 while the government cut 20,000 positions.

The largest gain among sectors was in the retail industry, which added 50,000 positions. This was the biggest gain in the industry since April.

Professional and business services accounted for 33,000 new jobs.

Analysts were encouraged by the significant gains the employment situation made.

"The really good news is that employment has grown for four months running - in large steps," Pierre Ellis with Decision Economics told BBC News.

Not only were permanent positions added in the month that the number of people who likely found employment through temporary employment agencies. The BLS says that "modest" gains were made in temporary health services.