In a bit of early holiday cheer, the nation's unemployment rate unexpectedly eased to 10 percent in November from 10.2 percent in October, the Labor Department said today.
The report said employers shed a net 11,000 jobs last month. In the prior 3 months, payroll job losses had averaged 135,000 a month. The U.S. economy started this year with a loss of 741,000 jobs in January, but the pace of job declines has been moderating steadily.
Still, the labor survey indicated that the number of long-term unemployed workers (those not working for 27 weeks or more) rose to 5.9 million and many analysts expect the unemployment rate to climb again in the coming months.
This morning's numbers come as President Obama heads to Allentown, Pa., his first stop in a multi-city tour of regions hit hard by the recession.
The dollar extended recent gains on Friday, hitting a three-week high against the yen, after today's unemployment news as traders appear to be betting U.S. interest rates may rise sooner rather than later.
And with a year-end deadline approaching, Congress moved to prevent a repeal of the estate tax from taking place next year, voting instead to approve a permanent extension of the current levy. It's unclear if the legislation will make it through the Senate.
The House bill exempts the first $3.5 million of an estate, or $7 million for married couples, and taxes inherited wealth above that at 45 percent, the same as the 2009 rate. It passed by a vote of 225 to 200, largely along party lines, with most Democrats in favor and Republicans in opposition. If it fails in the Senate, the Bush-era tax will phase out.
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