The US economy created 146,000 jobs in November, bringing down unemployment rate to 7.7 per cent, the lowest since the recession time in 2008.
Even hurricane Sandy, which hit major parts of eastern coast New York and New Jersey in particular affecting millions of people, did not have much impact on job creating, indicating that the American economy is showing signs of strong growth.
‘Total non-farm payroll employment rose by 146,000 in November and the unemployment rate edged down to 7.7 per cent,’ the US Bureau of Labor Statistics report said. However, the number of unemployed persons, at 12 million, changed little.
Among the major worker groups, the unemployment rates for adult men is 7.2 per cent, adult women (7.0 per cent), teenagers (23.5 per cent), whites (6.8 per cent), and Hispanics (10. per cent) showed little or no change in November, the official figures said.
The unemployment rate for blacks (13.2 per cent) declined over the month. The jobless rate for Asians was 6.4 per cent (not seasonally adjusted), little changed from a year earlier.
The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.8 million in November. These individuals accounted for 40.1 per cent of the unemployed, the report said.
INDIA PULLS DOWN ADB’S ASIAN GROWTH FORECAST
The Asian Development Bank (ADB) on Friday cut its economic growth forecasts for the region, which has been dragged back by a continued slowdown in India despite positive data out of powerhouse China. Data last week showed India's economic growth for the July-September quarter eased to 5.3 percent, extending a slowdown since the start of the year. The ADB lowered its 2012 growth forecast for developing Asia, which comprises 45 nations, marginally from 6.1 per cent to 6.0 per cent. It also revised downward the 6.7 per cent growth outlook for 2013 to 6.6 per cent.
'Slower-than-expected growth for India, the newly industrialising economies and the two largest Central Asian economies slightly outweighs the more rapid expansion in some major Southeast Asian economies,' the ADB said. ADB's growth forecast for China this year remained at 7.7 per cent while India's estimated rate fell from 5.6 per cent to 5.4 per cent for the 2012 fiscal year.
Even hurricane Sandy, which hit major parts of eastern coast New York and New Jersey in particular affecting millions of people, did not have much impact on job creating, indicating that the American economy is showing signs of strong growth.
‘Total non-farm payroll employment rose by 146,000 in November and the unemployment rate edged down to 7.7 per cent,’ the US Bureau of Labor Statistics report said. However, the number of unemployed persons, at 12 million, changed little.
Among the major worker groups, the unemployment rates for adult men is 7.2 per cent, adult women (7.0 per cent), teenagers (23.5 per cent), whites (6.8 per cent), and Hispanics (10. per cent) showed little or no change in November, the official figures said.
The unemployment rate for blacks (13.2 per cent) declined over the month. The jobless rate for Asians was 6.4 per cent (not seasonally adjusted), little changed from a year earlier.
The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.8 million in November. These individuals accounted for 40.1 per cent of the unemployed, the report said.
INDIA PULLS DOWN ADB’S ASIAN GROWTH FORECAST
The Asian Development Bank (ADB) on Friday cut its economic growth forecasts for the region, which has been dragged back by a continued slowdown in India despite positive data out of powerhouse China. Data last week showed India's economic growth for the July-September quarter eased to 5.3 percent, extending a slowdown since the start of the year. The ADB lowered its 2012 growth forecast for developing Asia, which comprises 45 nations, marginally from 6.1 per cent to 6.0 per cent. It also revised downward the 6.7 per cent growth outlook for 2013 to 6.6 per cent.
'Slower-than-expected growth for India, the newly industrialising economies and the two largest Central Asian economies slightly outweighs the more rapid expansion in some major Southeast Asian economies,' the ADB said. ADB's growth forecast for China this year remained at 7.7 per cent while India's estimated rate fell from 5.6 per cent to 5.4 per cent for the 2012 fiscal year.