U.S. employers added 113,000 private-sector jobs in December, the Labor Department reported Friday, fewer than analysts expected. But the unemployment rate dropped from 9.8 to 9.4% -- the lowest level since May, 2009.
Economists had predicted that about 150,000 net new jobs were created in December, and that the unemployment rate would drop to 9.7%. Instead, the overall number of jobs created was 103,000, the government said.
But more people apparently also stopped looking for work, which accounts for part of the decline in the joblessness rate. The government does not count people as unemployed unless they say they are looking for work.
The much-anticipated jobs report follows a string of promising economic data in recent weeks. It is considered one of the most important signals as to whether the labour market is picking up.
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