Unemployment Round-Up

Yikes. The monthly jobs report for November was Not Good.

New York Times—Disappointing Job Growth in U.S. as Jobless Rate Hits 9.8%:

In a jolting surprise to the economic recovery and market expectations, the United States economy added just 39,000 jobs in November, and the unemployment rate rose to 9.8 percent, according to the Department of Labor.

November's numbers were far below the consensus forecast of close to 150,000 jobs added and an unchanged unemployment rate of 9.6 percent.

More than 15 million people remained out of work last month, and 6.3 million of them have been unemployed for six months or longer.

Wall Street Journal—Economy Added Fewer Jobs Than Expected in November: "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."

New York Times—Unemployed, and Likely to Stay That Way: "This country has some of the highest levels of long-term unemployment — out of work longer than six months — it has ever recorded."

Steve Benen: "The awful monthly jobs report should wake up Washington."