In another positive sign for the U.S. economy, fewer-than-expected job losses in November and an unexpected drop in the unemployment rate helped send markets opening higher this morning.
The Labor Department has determined that 11,000 jobs were lost in November, considerably fewer than the estimated 125,000 job losses from a survey of economists at Bloomberg News. It is also far below ADP’s figure of 169,000 job losses earlier this week, which had been cited in a blog Wednesday by Zacks senior strategist Dirk van Dijk, CFA.
In addition, overall unemployment reduced from 10.2% to 10% in the month — a further signal that the U.S. economy is finding its footing. We will present a more in-depth look on today’s unemployment numbers in the next hour or so.Zacks Investment Research
