U.S. unemployment rate down to 8.6 percent in November

[News_Editor]

U.S. unemployment rate down to 8.6 percent in November

2011-12-03 08:36:12 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- The U.S. unemployment rate decreased to 8.6 percent in November, a 1.2 percent drop compared to the previous year, the U.S. Labor Department (DOL) announced on Friday.

In the November 2011 Employment Situation report, the DOL also showed that nonfarm payroll employment added 140,000 private sector jobs last month, that is, the addition of 1.9 million private sector jobs over the past year, averaging 157,000 a month.

U.S. Secretary of Labor Hilda L. Solis said the policies the Obama administration has pursued are adding jobs back into the economy, and noting that personal income and consumer spending are both up.

"Americans are showing more confidence in the economy," Solis stated. "Now it's incumbent upon Washington to give them confidence in our government to solve our biggest challenges and put millions of Americans back to work. This is a strong report, but we can't forget those Americans who lost their jobs during the recession and are still struggling."

Solis also underlined that extending payroll tax cuts and unemployment insurance, as well as investments in the economy have been 'efficient.' However, "the clock is ticking," she stated. "If Congress doesn't extend emergency unemployment benefits for our long-term unemployed this month, 5 million Americans will lose their benefits next year."

"Congress must act immediately to extend emergency unemployment benefits and payroll tax relief," Solis urged. "We must pass these measures this month to continue the positive trends we're seeing in today's report."

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