WASHINGTON, DC-The Labor Department reported that, at long last, the nation’s unemployment rate fell below the 9% mark, to reach 8.6%. Some 140,000 private sector jobs were added to the economy in November, it said – an amount slightly offset by the loss of 20,000 jobs in the public sector.
Not surprisingly, however, given the back-and-forth motion of the recovery, economists are reserving judgment until the next few months of data come in. “We need to see more before we can say this is a sustainable recovery of jobs,” Cassidy Turley’s chief economist Kevin Thorpe tells GlobeSt.com.
From the perspective of a monthly snapshot, however, the news is good, relatively speaking. The Labor Department also revised upward October’s job numbers and September’s as well, by a heft 52,000, Thorpe noted.
“The jobs data that drives demand for commercial real estate also registered solid gains,” Thorpe noted in a report released to the firm’s clients Friday morning. “Professional and business services added 33,000 payrolls, retail trade added 49,800 and manufacturers added 2,000.”
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