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US Unemployment Figures December

US Unemployment Figures December - Employers added fewer jobs than forecast in November and the unemployment rate unexpectedly increased, underscoring the Federal Reserve’s decision to pump more money into the economy to spur growth.

Payrolls increased 39,000, less than the most pessimistic projection of economists surveyed by Bloomberg News, after a revised 172,000 increase the prior month, Labor Department figures showed today in Washington. The jobless rate rose to 9.8 percent, the highest since April, while hours worked and earnings stagnated.

Stocks declined and Treasury securities jumped as the report showed payrolls aren’t growing fast enough to reduce the jobless rate, one reason why Fed policy makers announced a new round of monetary stimulus. More jobs are needed to sustain the holiday-season gains in consumer spending, the biggest part of the economy, into the new year.

“The labor market is not turning around, and that’s key to the overall recovery,” said David Semmens, a U.S. economist at Standard Chartered Bank in New York. “Anyone who feels that the Fed perhaps acted too prematurely is definitely going to have to eat their words.”

Futures on the Standard & Poor’s 500 Index expiring this month dropped 0.7 percent to 1,214.02 at 8:50 a.m. in New York. The benchmark 10-year Treasury note rose, pushing down the yield to 2.93 percent from 2.99 percent late yesterday.

US Unemployment Figures December
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