Unemployment fell to 7.7% in November - down again from 7.8% last month - according to the Labor Dept. jobs report published this morning. The economy added 146,000 jobs, better than the increase of 85,000 to 95,000 jobs predicted by economists.
The report puts the unemployment rate at its lowest since December 2008, at the the start of the financial crisis. It happened despite concerns over the fiscal cliff, which probably depressed hiring and could do so more in the months to come. However, the unemployment numbers are of course still "unacceptably high," in the words of William Dudley, president of the Federal Reserve Bank of New York.
The fact that unemployment continued to drop this month could put and end to ungrounded rumors that Obama fudged the 7.8% unemployment rate to win voters.
Posted Nov 7, 5:45am PST.