U.S. Unemployment Rate Drops, Many Stop Job Search
Unemployment has declined slightly in the U.S. moving into the end of the year.
The U.S. Labor Department lists November 2011’s national unemployment rate has dropped to 8.6 percent, down from October’s 9 percent. November’s unemployment rate is the lowest the U.S. has seen since March 2009.
The dollar has also risen against the euro, as the euro dropped to $1.3372 from $1.3460 midday Friday. The British pound also fell, declining from $1.5689 to $1.5588 Friday as well.
Stocks are also climbing as well following the news of the unemployment rate decrease. The Dow Jones industrial average is on its way to the second-biggest weekly point gain in history this week, up 30 points Friday morning, leaving a potential 811 point total raise for the week. The Dow hit 12,050, S&P 500 index climbed 6, to 1,250, and the Nasdaq rose 14, to 2,639.
The unemployment rate decrease does not necessarily reflect major economic gains last month, as around 315,000 people gave up their search for work, according to the Associated Press. The Labor Department says that the U.S. economy added roughly 120,000 jobs in November.