Tuesday, December 17, 2013

Unemployment Lowest Since 2008

Unemployment rates for 2013 are lower than they have been since 2008. With the addition of 203,000 jobs in November, unemployment fell to only 7%, the lowest it has been in five years.  This job growth suggests strong economic expansion, especially considering that the sectors where jobs were created are not all low-paying.  “The sectors that saw the strongest jobs gains in November were transportation and warehousing, which added 31,000 jobs; health care, which saw 28,000 additional jobs; and manufacturing, which added 27,000 jobs. The labor force grew by 455,000 in November, following a 720,000 decline in October that was partly caused by the government shutdown” (Politico). This job growth comes as a surprise to many economists who assumed that the government shutdown would negatively affect the economy and employment rate. Tell us in the comments: Has your company increased hiring in late 2013?

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