World

US unemployment rate drops to 7%

DPA Washington | Updated on March 12, 2018

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The unemployment rate in the United States fell last month to 7 per cent from 7.3 per cent in October, the US Bureau of Labour Statistics reported on Friday.

The jobless rate was the lowest since November 2008, when the US economy was rapidly shedding jobs in the wake of a Wall Street meltdown and collapsing housing market, amid the worst recession in eight decades.

The fall in unemployment in October was the largest one-month drop since September 2012.

The bureau’s separate survey of employers showed that payrolls grew by 203,000 jobs in November, led by hiring in the manufacturing and construction sectors. It was the biggest monthly gain in three months.

Combined with the revised October hiring of 200,000, the two-month payroll expansion is the largest since February-March.

The payroll data beat the median forecast of 185,000 jobs added from a Bloomberg survey of 89 Wall Street economists.

Average weekly hours and average hourly earnings both edged up for US workers.

Published on December 07, 2013

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