The unemployment rate dropped in November to 7.7 percent from 7.9 percent in October, but the actual number of unemployed people didn’t change much, according to the Bureau of Labor Statistics.
It’s the lowest rate since 2008 and the lowest of President Barack Obama’s presidency, according to The Atlantic.
The good news is that the market showed resilience in the aftermath of Hurricane Sandy.
“Our analysis suggests that Hurricane Sandy did not substantively impact the national employment and unemployment estimates for November,” according to the bureau’s employment situation summary.
The Washington Post reported that analysts had been expecting Hurricane Sandy to hurt employment and that experts were pleasantly surprised that the numbers held relatively strong.
The economy added146,000 jobs, but analysts had predicted only about 85,000 new positions, according to The Washington Post.
CNNMoney analysts had predicted only77,000 new jobs because they were factoring in an impact from Hurricane Sandy.
The bad news is that the unemployment rate dropped because some people stopped looking for work, according to the Post.
And, some of the new jobs came from retailers, which are likely temporary holiday hires, according to CNNMoney.
The numbers aren’t amazing, but in light of fiscal cliffdrama and Hurricane Sandy recovery, they seem to show a steady resilience, according to The Washington Post.
Although GOP leaders are not happy with the numbers, the trend of snail-paced economic growth continues overall.