More news for the United States economy, as the national unemployment rate falls to 8.5%. Although the pace of job growth may not be as fast as many would like, any improvement is always a welcome sign that things are headed in a positive direction.
The New York Times: The United States added a robust 200,000 new jobs last month, the Labor Department said Friday, in a sign that the long-awaited economic recovery has finally built up a head of steam.
The nation’s unemployment rate fell to 8.5 percent in December, from a revised 8.7 percent in November, the government said. The Labor Department revised the number of new jobs added in November to 100,000, from 120,000.
The employment report built on a flurry of heartening economic news in December, when consumer confidence rose, manufacturing came in strong and small businesses showed signs of life. It was the sixth consecutive month that the economy added at least 100,000 jobs – not enough to restore employment to pre-recession levels, but enough, perhaps, to cheer President Obama as he enters an election year.
The upward trend restored some of the ground lost this spring and summer, when global events like the earthquake in Japan and domestic ones like the debt ceiling debate slowed the American recovery to a crawl and raised fears of a second recession. Then, even signs of modest growth were dismissed as too anemic. Now, they are drawing tentative praise.
