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The U.S. unemployment rate sank to a 14-month low of 5.7 percent in December, even as non-farm payrolls showed virtually no growth, the Labor Department reported Friday.Non-farm payrol
stanley cup ls increased by 1,000 in December, far below the 136,000 expected by Wall Street economists and the 181,000 expected by Wall Street traders. The jobless rate was expected to remain at 5.9 percent. Job growth in the previous
stanley cup four months was revised lower by a total of 66,000. Over the past five months, payrolls have increased by 278,000, according to the survey of some 300,000 business establishments. The separate household survey showed employment fell by 54,000 in December to 138.5 million. Unemployment fell by 255,000 to 8.4 million, the lowest since October 2002. The labor force decreased by 309,000.The 0.2 percentage point drop in the jobless rate occurred because fewer people were looking for work, the Labor Department said. More than 300,000 people gave up their search for jobs and dropped out of the pool of available workers. The unemployment rate is going down, but it is going down for the wrong reasons, said Bill Cheney, chief economist at John Hancock Financial Services That doesn t make you feel really good about the state of the jobs market. The report was shockingly weak, added Sherry Cooper, chief economist at BMO Nesbitt Burns. It is back to the drawing board for those who believed the economy was blasting into 2004 at full speed. In Was
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