In December we saw unemployment rate dropping to 9.4%. Although this is a positive trend, the expectations of analysts were not met and the news is a disappointment.
In December we saw an extra 103,000 jobs being added to payrolls according to the government. Even if economists expected a boom in this sector, the results were not that positive.
According to analysts, it was expected to see an increase of around 150 thousand work places after private surveys and unemployment filings noticed before December. All the signs showed that the labor market was improving.
On the other hand, the Labor Department reported that the unemployment rate dropped from 9.8% to 9.4% when comparing November with December.
The good news is that this trend is expected to continue in the future. Even if the expectations of specialists have not been met, this is still news for the American labor force.
The statists were also disappointing from another point of view. It has been reported that average weekly work hours that were reported by private employers did not change in December. They remained at the same value of 34.3. This basically means that there is no real pick-up in work noticed.
Specialists expected to see an unemployment rate of 9% or under by the end of 2011 but after the statistics that were released they will most likely change their projections.