NBCNEWS.COM - The U.S. economy generated a stronger-than-expected 146,000 jobs in November,
helping to trim the jobless rate to 7.7 percent, a four year low, the government
The dark cloud in the Labor Department's report, however, was a drop in the
size of the work force, which signaled that some people may have given up
looking for work.
Still, despite a late October wallop from Superstorm Sandy and Washington's
ongoing pummeling of business and consumer confidence, the U.S. economy isn't
down for the count.
The fiscal cliff, though, could still deliver a knockout punch.
"It looks like the job market is holding firm," said Mark Zandi, chief
economist at Moody's Analytics. "That's encouraging in light of all the fiscal
Economists had expected non-farm payrolls to rise about 93,000 and the
jobless rate to hold steady at 7.9 percent. Friday's report included revisions
to both the September and October data showing that 49,000 fewer jobs were
created than first reported.
President Barack Obama's chief economist gave an upbeat assessment of the
report, but warned that more needs to be done, as he has done for several
"While more work remains to be done, today's employment report provides
further evidence that the U.S. economy is continuing to heal from the wounds
inflicted by the worst downturn since the Great Depression," said Alan Krueger,
chairman of the White House Council of Economic Advisers.
The government said Superstorm Sandy which slammed the densely populated East
Coast in late October did not have a substantive effect on employment last
Friday, December 6 2013 2:18 PM EST2013-12-06 19:18:21 GMT
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