US jobless rate down to 9.7% in January, five month low
Unemployment queues are still long and many have given up looking for work
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One poll of analysts had forecast that the unemployment rate would edge up to 10.1% for the month, from 10%. The US Labour Department attributed the surprise drop in the rate to a separate survey of households which found the number of Americans who are employed rose by 541,000.
However an increase in the number of people giving up looking for work also contributed to the falling jobless figures. The department said that in total the recession has wiped out 8.4 million jobs since November 2007, more than any recession since World War II.
Recovery in the US remains uncertain but recent economic figures have boosted confidence. The world’s largest economy grew 5.7% between October and December, smashing all expectations.
Source: MercoPress — South Atlantic News Agency
