Labor Department says unemployment numbers high in December

In November the US unemployment rate rose 9.8%, the highest rate since April, this is an increase from the 9.6% a rate recorded in the previous three months , raising fears about the strength of the economic recovery, the Labor Department said.

Many discouraged workers gave up looking for new jobs altogether during the slump, even though jobs were created in the business services, heath care and mining sectors ,but retail and manufacturing job opportunities fell. The recovery is going to be slow if the US can’t create enough jobs to get most of the 15 million unemployed back to work The recovery might even stall if the rise in unemployment rate turns out to be the first of many..

The analysts expectations weren’t met ,with only 39,000 jobs that were created, 172,000 jobs were created in October, after these figures were published the stock markets fell sharply. When the announcement came before the opening bell on Wall Street, the Dow Jones index dropped slightly at the open, then recovered later in the day to close slightly higher.

Following the information released the euro jumped an entire cent against the dollar and rallied another cent during the day as worries over the eurozone government debts receded,