The Unemployment Rate Falls To The Lowest In 4 Years
Stocks are mixed on Wall Street following the latest news on the U.S. jobs picture. Also, no progress reported on the ‘fiscal cliff’ issue.
The Labor Department says the U.S. added 146,000 jobs last month and the unemployment rate fell to 7.7 percent. But it also says employers added 49,000 fewer jobs in October and September than initially estimated.
The unemployment rate fell from 7.9 percent to 7.7 percent, the lowest level since December 2008. But the unemployment rate fell largely because discouraged unemployed workers stopped looking for work and weren’t counted among the unemployed.
This mixed reading on the jobs picture combined with the talks in Washington on budget matters, has investors looking for direction.
House Speaker John Boehner says there’s been no progress in negotiations on how to avoid the fiscal cliff of tax hikes and spending cuts and called on President Barack Obama to come up with a new offer. Obama and Boehner spoke privately on Wednesday. The speaker called the phone call pleasant but unproductive.