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Unemployment rate drops to 8.6 percent

The unemployment rate fell by 0.4 percentage point, to 8.6 percent, in November as 120,000 jobs were added, according to the U.S. Bureau of Labor Statistics.

The number of unemployed people, at 13.3 million, was down by 594,000 in November.

In November, the number of people who lost jobs and the number that completed temporary jobs declined by 432,000, to 7.6 million. The number of long-term unemployed (those jobless for 27 weeks or more) was little changed, at 5.7 million, and accounted for 43 percent of the unemployed.

The number of people employed part time for economic reasons dropped by 378,000 during the month, to 8.5 million.

In November, 2.6 million people were marginally attached to the labor force, about the same as a year earlier. Those people were not in the labor force, wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.

Click here for the full report.

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