US unemployment rate drops to 5-year low

Washington, Dec 7: The US unemployment rate in November declined to the lowest level in five years with job creation growing at a steady pace.

But experts warned that the trend of the underlying labour market remained weak, reports Xinhua.

The unemployment rate last month dropped by 0.3 percentage point from October to 7 percent, the lowest level since November 2008, the labour department reported Friday.

The number of unemployed in the US declined to 10.9 million in November from 11.3 million in October, the report showed.

The report said a large range of sectors including construction, manufacturing, private service provider, education and services posted better job growth.

“With solid job growth in November — in addition to strong data on manufacturing activity and auto sales — it is clear that the recovery continues to gain traction,” said Jason Furman, chairman of the White House Council of Economic Advisers.

The US businesses have added jobs for 45 consecutive months with private sector employment increasing by more than 8 million.