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(12/7/12) "November Jobs Report: Hiring Up, Unemployment Rate Falls -- Despite Sandy" (AP)
President Obama must be doing something right.
WASHINGTON -- The U.S. economy added 146,000 jobs in November and the unemployment rate fell to 7.7 percent, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.
The Labor Department's report Friday offered a mixed picture of the economy. Hiring remained steady during the storm and in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than it initially estimated
Stock futures jumped after the report. Dow Jones industrial average futures were down 20 points in the minutes before the report came out at 8:30 a.m., and just afterward were up 70 points. As money shifted into stocks, it moved out of safer bonds. The yield on the benchmark 10-year U.S. Treasury note, which moves opposite the price, rose to 1.63 percent from 1.58 percent just before the report was released.
President Obama must be doing something right.