|
"We hope this is a rogue number," said Ian Shepherdson, an economist High Frequency Economics, referring to the ISM employment index for service firms. "It is certainly not consistent with the decline in jobless claims and the rebound in the flow of new online help wanted ads, but we cannot yet be sure." About half the drop in the unemployment rate occurred because many of those out of work gave up searching for jobs. When the unemployed stop looking for work, they are no longer counted in the unemployment rate. Still, the overall jobs report was positive and the latest sign that the economy is improving, despite a still-high unemployment rate, a debt crisis in Europe and slowing growth in China. More jobs means consumers should have more income to spend while shopping, at restaurants, or on cable TV subscriptions and other services. Holiday shopping is already off to a good start. Americans dropped a record $52.4 billion over the Thanksgiving weekend, according to the National Retail Federation, a trade group. A separate report from MasterCard found spending was up almost 9 percent from last year. Car sales also rose sharply in November, normally a lackluster month for the auto industry. Chrysler, Ford, Nissan and Hyundai all reported double-digit gains on Thursday, compared to a year ago. Those reports have led many economists to raise their forecasts for the final three months of the year, to about a 3 percent annual rate. That would be an improvement from growth of 2 percent in the July-September period.
[Associated
Press;
Copyright 2011 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor