Unemployment rate drops to 9.4
January 14th, 2011 - 9:14 pm ICT by Aishwarya BhattWashington DC, Jan 14 (THAINDIAN NEWS) Data that was released by the US Labor Department revealed that the unemployment rate in the country dropped in the month of December.
The 0.4 percent drop in unemployment brought the current American unemployment rate to 9.4 percent which is the lowest since May 2009. Officials believe the drop is due to the “continued commitment” of the Obama administration to halt the jobless rate. About 103,000 new jobs were added in the month of December.
The US unemployment rate is currently one of the highest among developed countries. In 2010, the country’s unemployment rate averaged 9.5 percent and peaked in November when it did reach 9.8 percent. That was the highest for sometime.
President Barack Obama welcomed the drop in the unemployment rate. The president said that the drop showed that his administration was on track to ensure that the American economy is brought back on its feet.
Through his address on the Internet and on radio, the president said that, “”The trend is clear. We saw 12 straight months of private-sector job growth, the first time that’s been true since 2006.”
Some analysts believe that the unemployment rate may improve this year.
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Tags: american economy, barack obama, jobless rate, new jobs, private sector job, radio, us labor department, us unemployment rate, washington dc