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National Unemployment Rate Falls, Shows Signs of Relief
Photo courtesy of The Atlantic.
Written by Varun Bajaj - Staff Writer
In November, the national unemployment rate dropped from 10.2 to 10.0, and only 11,000 jobs were lost, a relatively low number in comparison to the projected 120,000 jobs to have been cut last month. After being in a recession for two years, this was the lowest number of jobs lost in a month. Is this the beginning of the end of this recession, or just a small stop in what will continue to be a downhill spiral?
According to the Labor Department, this rate drop indicates that the economy is getting better; however, a good economy doesn’t necessarily translate into positive numbers for the average American family.
“This is good news, just in time for the season of hope. . . [but w]e still have a long way to go. . . Trends don’t buy the groceries,” President Barack Obama said in his weekly address. “Trends don’t pay the rent or a college tuition. Trends don’t fulfill the need within each of us to be productive, to provide for our families, to make the most of our lives, to reach for our dreams.” continued Obama.
These numbers are the beginning though. Average weekly earnings jumped $4.08 to $622.17. Many economists believe this news means that, after 23 months of decline, the economy will start creating jobs in the next quarter.
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