The government reported good news today, saying the unemployment rate declined in November to 10% from 10.2% in October, the Associated Press reports. Still, the rate remains more than double what it was in December 2007, when the recession began.
Economists said the November jobless report could signal a turnaround in the labor market. But they still expect a tepid recovery. Unemployment is expected to resume rising until around the middle of next year, before employers ramp up hiring enough to start pushing the jobless rate down.
"There are signs that recovery is on the way nationally ... but it's not playing itself out uniformly," Sean Snaith, an economist at the University of Central Florida, told the AP. "Some areas are going to be slower than others."
"There are signs that recovery is on the way nationally ... but it's not playing itself out uniformly," Sean Snaith, an economist at the University of Central Florida, told the AP. "Some areas are going to be slower than others."
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