Jobless rate in U.S. declined by 8.5% and 200,000 jobs were added
The U.S. job market strengthened in the second half of the year 2011 and jobless rate falls to 8.5% from a revised 8.7% a month earlier. This jobless rate is lowest in about three years – since February 2009 – at the end of 2011, which has been attributed to hiring by private sector.
From U.S. Department of Labor,
Among the major worker groups, the unemployment rate for adult men decreased to 8.0 percent in December. The jobless rates for adult women (7.9 percent), teenagers (23.1 percent), whites (7.5 percent), blacks (15.8 percent), and Hispanics (11.0 percent) showed little change. The jobless rate for Asians was 6.8 percent, not seasonally adjusted.
In the month of December, positive job trend added and about 200,000 new jobs have been reported by the Labor Department on Friday, which was more than predicted.
According to the reports, the number of unemployed persons, i.e. 13.1 million, had also declined by December. The Wall Street Journal has reported that economy has added jobs for 15 consecutive months i.e. since October 2010 and according to The New York Times, economy added 100,000 jobs for the previous six consecutive months but according to experts, U.S. has to add more than 125,000 jobs per month to keep up with population growth.
U.S. Department of Labor has reported,
In December, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents, or 0.2 percent, to $23.24. Over the past 12 months, average hourly earnings have increased by 2.1 percent. In December, average hourly earnings of private-sector production and nonsupervisory employees were unchanged at $19.54.