IS It Really Getting Better Mr Obama...Jobless Numbers Rise to 9.8%

http://news.yahoo.com/s/nm/20101203/ts_nm/us_usa_economy


Payrolls barely rise, jobless rate jumps

WASHINGTON (Reuters) – Employment barely grew in November and the jobless rate unexpectedly hit a seven-month high, hardening views the Federal Reserve would stick to its $600 billion plan to shore up the fragile recovery.

Nonfarm payrolls rose 39,000, with private hiring gaining only 50,000, a Labor Department said on Friday. However, data for September and October was revised to show 38,000 more jobs were gained in those months than previously estimated.

The unemployment rate in November jumped to 9.8 percent, a troubling sign for an economy many had thought was strengthening. Economists had expected 140,000 new jobs last month with the jobless rate holding steady.

"The U.S. economy has yet to achieve the escape velocity needed to improve the worrisome jobs picture," Mohamed El-Erian, co-chief investment offer at Pacific Investment Management Co. in Newport Beach, California.