The US unemployment rate dropped to 9.4% in December from 9.8% in November, the biggest one-month drop since April 1998. Some 103,000 jobs were created last month. The lower rate came not only because more people found jobs, but also because 260,000 had given up looking. If people stop searching for work, they are no longer counted as unemployed.
Stubbornly high unemployment has hindered the US economic recovery. Tax cuts would help employment and urged businesses who were thinking about creating jobs to press ahead. It may take up to five years for the unemployment rate to drop to a more historically typical 6% while the economy should grow more strongly this year as consumers and businesses boosted their spending.
"Notwithstanding these hopeful signs with employers reportedly still unwilling to add to payrolls, considerable time likely will be required before the unemployment rate has returned to a more normal level.
Overall employment for October and November was revised to show 70,000 more job gains than earlier reported, and the unemployment rate is now at its lowest since May 2009.Private hiring increased in December by 113,000, while government employment fell by 10,000. The falling rate appeared to counter concerns over fewer-than expected jobs being created, with shares on Wall Street relatively unchanged in early trading.
Meanwhile the euro rose into positive territory against the dollar after the report, but then relinquished those gains.
People think that a ration of 0.4 % dropping is not a big deal , but it is a big deal , creating a 103,000 jobs in this 12 month period makes alot of people dreams to become employees become bigger , and that's the developed countries main problem, it's hard to find a job there , cuz there will be a rival between u and millions of people whos waiting for this chance since ever , and it wont be easy to find a job unless u are qualified for this job .
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