Washington, Dec 3(ANI): The unemployment rate in the US has dropped sharply to 8.6 percent in November, which is the lowest in two-and-a-half years.
The US economy added 120,000 new jobs in November, the Department of Labor said.
Numerous citizens, however, gave up looking for work, and therefore were no longer counted as part of the workforce, which led to a dip in unemployment rate.
Though the private sector added 140,000 jobs during the month, government jobs showed a dip in employment figures, the BBC reports.
The retail sector saw the biggest gains, with 50,000 jobs added, while the leisure and hospitality, business services and healthcare sectors also recorded rise in employment.
The report boosted the US market to open higher, and the Dow Jones index climbed to 0.8 percent in early trading.
Analysts viewed the rise in employment figures as an encouraging sign for the economy.
"This is a pretty handsome looking report in my mind. The US has clearly turned a corner," RBC Global Asset Management's analyst, Eric Lascelles said.
Pierre Ellis Decision Economics analyst, however, pointed out "a lot of the drop in the unemployment rate comes down to a decline in the size of the labour force, which is quite large". (ANI)
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