Unemployment Rate Falls Again, to 5.9 Percent
NewsMax.com Wires
Friday, Dec. 5, 2003
WASHINGTON – The nation's unemployment rate slipped to 5.9
percent in November, the lowest level in eight months, as employers
added new jobs for a fourth straight month.
The Labor Department reported Friday that the rate fell from 6
percent in October. The last time it was lower was in March, at 5.8
percent.
U.S. companies added 57,000 jobs in November, boosting
payrolls by 328,000 during the past four months after a
half-year hiring drought.
The positive hiring news was tempered by the still-weak level of
hiring. Economists had predicted that about 150,000 new jobs would
be added in November, and are looking for monthly payroll gains of
200,000 to 300,000 to significantly lower the unemployment rate and
sustain a labor market recovery.
Holding down overall payrolls last month were the grocery store
strikes in California, Missouri and elsewhere. The strikes
accounted for 25,000 to 30,000 jobs being lost last month, the
government said. The hiring of replacement workers helped offset
those losses a bit.
© 2003 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
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