Monday, February 8th 2010 - 01:56 UTC

US jobless rate down to 9.7% in January, five month low

The jobless rate in the US has dropped to 9.7%, marking a five-month low. The new figures suggest the labour market is improving, despite employers unexpectedly cutting 20,000 jobs in January.

Unemployment queues are still long and many have given up looking for work

One poll of analysts had forecast that the unemployment rate would edge up to 10.1% for the month, from 10%. The US Labour Department attributed the surprise drop in the rate to a separate survey of households which found the number of Americans who are employed rose by 541,000.

However an increase in the number of people giving up looking for work also contributed to the falling jobless figures. The department said that in total the recession has wiped out 8.4 million jobs since November 2007, more than any recession since World War II.

Recovery in the US remains uncertain but recent economic figures have boosted confidence. The world's largest economy grew 5.7% between October and December, smashing all expectations.
 

Published in: Economy, United States.

1 comment Feed

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1 Vanessa (#) Feb 10th, 2010 - 02:13 pm Report abuse
Even though unemployment went down in January, there's an interesting piece from Julian Alssid at the Workforce Strategy Center about how America’s workforce remains ill-prepared to compete with the world...<br /><br />
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workforcedev.typepad.com/workforcedev/2010/02/unemployment-american-workforce.html<br /><br />
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