In the strongest jobs report since the recession began, the U.S. government reported Friday that the nation’s employers had all but stopped shedding jobs in November, taking some of the pressure off of President Obama to come up with a jobs creation program.
The Labor Department reported Friday that the United States economy shed 11,000 jobs in November, and the unemployment rate fell to 10%, down from 10.2% in October.
The government also significantly revised September and October numbers. September was adjusted to show a loss of 139,000 jobs instead of 219,000, and October 111,000 instead of 190,000.
Though the pace has been declining since a peak in January, the November number was surprising. Economists have been expecting a turning point to come in the late spring or summer, with employers finally adding workers as a recovery takes hold. The last time the number was this good was December 2007, when the economy added 120,000 jobs.
A large number of employees are working fewer hours than they would like because many companies are operating below capacity and have resisted adding staff until orders turn up and the incipient recovery seems likely to endure.
Indeed, a broader measure of unemployment fell in November to 17.2%, from 17.5% in October. This broader measure covers not only those seeking work but those whose hours have been cut and those too discouraged to look for work.
The number of Americans facing long-term unemployment, which includes people who cannot find work for 27 weeks or more, has been at record highs in recent months, reaching 5.6 million in October. It was more than 5.9 million people in November, or 38.3% of those unemployed. Once hiring resumes, those workers are likely to be among the last to land jobs.
In recent months, the economy has shown modest signs of stability in manufacturing and construction -- each a big source of job loss in the nearly two years since the recession began. But consumer spending remains tepid even as holiday shopping gets under way.
On Thursday, President Obama convened a jobs summit and said he would announce proposals next week to strengthen employment. "We cannot hang back and hope for the best," the president said, though he added "our resources are limited."
Economists generally say that the worst of the recession has passed, and most forecast mild growth into next year. But that does not change the economic reality for millions of Americans, who must deal with piles of unpaid bills, worries about unexpected medical expenses and concerns about losing their homes.
In Canada on Friday, the government reported that the country’s economy added more jobs than expected in November, erasing the losses in October. Statistics Canada reported a net employment gain of 79,000 in November, topping expectations of a 15,000 gain. The unemployment rate fell to 8.5% from 8.6% in October.
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