120,000 Jobs Added in US

02 December 2011 - Which Way to Pay

120,000 Jobs Added in US

November saw another average month of job creations in the US. According to the Labor Department, 120,000 jobs were added by employers last month. The mediocre figure comes after 100,000 positions were created in October.

The increase in jobs pulled down the unemployment rate to 8.6% after it have been on the 9% mark for the majority of the year. This is the lowest rate seen since March 2009. This was partly due to more employees finding work and partly because around 315,000 people were no longer looking for employment, dropping out of the workforce.

The jobs report for November shows how important it is for Obama to introduce additional economic stimulus, either over the eurozone debt crisis or another miraculous economic plan to get the economy back on track before the presidential election next year.

As far as government action over economic policy to stimulate the economy, an extension to the payroll tax cut may be issued as the expiry date looms at the end of the month.