The latest jobless figures in the US showed that unemployment stabilised in November after previously rising sharply. Employers cut eleven thousand jobs last month – ten times less than some estimates.
The government has also revised figures for September and October showing that thousands fewer jobs were lost than had been reported. More than seven million jobs have gone in the two years since the economy slipped into recession, the worst since the 1930s. The steady rise in recent months reached a peak in October at 10.2% – the highest jobless rate in more than a quarter of a century. Now the rate has actually fallen slightly to ten percent. The news will come as a relief to President Obama, whoappealed earlier to business to help create employment: “While I believe that government has a critical role in creating the conditions for economic growth, ultimately true economic recovery is only going to come from the private sector. We don’t have enough public dollars to fill the hole of private dollars that was created as a consequence of the crisis.” The world’s biggest economy is coming out of recession but there have been fears that unemployment might stifle the recovery. But with the pace of layoffs slowing sharply, analysts believe the bruised jobs market may be close to turning a corner.