US Unemployment Declines to 10%

According to the US Bureau of Labor Statistics, the US jobless rate dropped to 10 percent level in November from 10.2 percent in October. These figures show that the US job market is getting out recession, however, significant obstacles remain. In November employers fired 11,000 workers, far below prior expectations of 150,000, Bureau of Labor`s figures show. The strong improvement surprised analysts, mentioning that the US job market still remains weak, however, moves into right direction.

The highest degree of employed people was seen in business and professional services adding 86.000 jobs. Employment in healthcare and education showed signs of recovery, while construction and manufacturing industry delivered 27.000 and 41.000 monthly job losses correspondently. However, there are still over 15 mln people unemployed in the USA, this number is twice bigger than before the recession started in 2007.

President Barack Obama called this data “good news” and promised to continue carrying out his programs aiming at hiring people.

After the official report the US Dollar spectacularly appreciated versus other Forex currencies.

American Unemployment Rises

American job market remains now the worst problem zone in the US economy. 263,000 Americans lost their jobs in September much worse than expected by the market analysts. The major losses are seen now in services and construction industry. Thus, the unemployment rate in September is 9.8 percent from the active part of the population. Last month the jobless rate was 9.7 percent. Current result has been considered as the lowest one for last 26 years. 10 percent mark will probably be attained by the end of the year.

Worse than expected employment data have stopped and reversed the USD upside trend. This had traders questioning the US economy recovery and pushed them away from trades with dollar in the list of their financial operations.