The U.S. unemployment rate dropped to 7.7 percent in November, according to today’s data release from the Bureau of Labor Statistics. That was down 0.2 percent since October, and was the lowest rate reported since January 2009. Payroll jobs increased by 146,000 in the month, continuing a moderate but steady trend.
The unemployment rate is the ratio of unemployed persons to the civilian labor force, based on a monthly survey of households. Both the numerator and denominator of the ratio decreased in November. The ratio fell because the number of unemployed persons decreased by more than the number of the employed. Both the labor force participation rate and the employment-population ratio decreased slightly, with both figures returning to the values reported in September. >>>Read more