Though the title is true there are other factors to consider. First, 350,000 people gave up looking for work and so they are not considered in this graph anymore as unemployed people. 2nd 12 million people have now been unemployed for 26 weeks or more. Hurricane Sandy doesn't affect the numbers even after revisions. Also, so far at least no financial impact on jobs from fiscal cliff. Retail added 53,000 jobs last month, much of it for the holidays. Retail made an overall 143,000 job increase in the past 3 months.
However, construction shed 20,000 jobs. However, construction usually lags some in winter months because it is hard to frame a house or building in snow or rain safely without wood warping and causing problems later on down the line. Manufacturing dropped 7,000 jobs last month. Also, job growth was now revised down a total of 49,000 jobs in September and October.
And the lower unemployment rate is primarily caused by 350,000 people leaving the labor force and giving up looking for work.
So, this months unemployment rate was driven by people giving up looking for work but last months figures were driven by people actually finding jobs.
So, part of the rate of unemployment dropping from 10 percent a few years ago to 7.7 percent today is partly drive by people finding work and partly from people giving up looking for work.
Also, 12 million people are unemployed as December dawned and 40% of them have been jobless for 27 weeks or longer.
All main facts are from PBS Newshour on TV on Friday December 7th 2012.
By the way this is the 71st anniversary of Pearl Harbor which began World War II for the United States.
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