US unemployment rate falls to 9.4%

| January 9, 2011 | 0 Comments

The Labor Department has revealed the unemployment rate in the US has fallen from 9.8% to 9.4% in December - representing the biggest one month drop since April 1998.

The US economic recovery has been stuttering of late due to stubbornly high unemployment.

According to the Labor Department, just over 100,000 jobs were created in December, albeit this was lower than the forecast of between 145,000 to 175,000, due to expectations of extra staffing in the retail sector over the Christmas period.

However, the sector only added around 12,000 jobs.

President Barack Obama was cautiously optimistic about the data. He said: “We know these numbers can bounce around from month to month, but the trend is clear.”

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