Unemployment Rises to 9.8%

At WSJ, "Economy Added Fewer Jobs Than Expected in November":

The U.S. economy added fewer jobs than expected in November and the unemployment rate rose to its highest level since April, indicating the economic recovery remains weak 17 months after the recession ended.

Nonfarm payrolls rose by 39,000 last month as private-sector employers added only 50,000 jobs, the Labor Department said Friday. Economists surveyed by Dow Jones Newswires had forecast payrolls would rise by 144,000 and that the jobless rate would remain unchanged at 9.6%.

The unemployment rate, which is obtained from a separate household survey, unexpectedly rose to 9.8% last month. More than 15 million people seeking work can't get a job.

The October payrolls number was revised up slightly to show a 172,000 increase from a previous estimate of 151,000.

The weaker-than-expected data caused the dollar to weaken against the yen and euro and other major currencies. Treasurys rallied on the report.

The U.S. unemployment rate has now been above 9% since May 2009, or 19 months. That matches the longest stretch at such an elevated level since World War II. In the deep recession of the early 1980s, the jobless rate crept to 9% in March 1982 and remained above that mark until September 1983.

Federal Reserve officials believe the jobless rate could still be around 9% a year from now.

Unemployment is a serious thing. Beyond the politics, folks are hurting. I started to post on the debate over unemployment extension, but thought second of it considering some blogger-buddies who aren't working. That said, R.S. McCain isn't shy: "As a Freelance Independent Blogger Consultant, I Have Enormous Sympathy …"