December 4, 2009 @ 3:30 PM CST
Unemployment figures came out today and they took an unexpected drop. The nation’s employers cut 11,000 jobs in November and unemployment stands at 10.0% down from 10.2%. This appears to be good for Washington and President Obama; however, some economist believe that we have not turn the corner on unemployment and unemployment will continue to climb well into next year.
The decrease in the nation’s unemployment rate in November can be attributed to the number of jobless Americans dropped by 325,000 down to 15.4 million. The jobless rate and the number of jobs lost or gain is tabulated from two different types of surveys. The jobless rate is the results of a survey of households; while, the numbers of jobs lost or gain is done as survey of business and government establishments.
Some economist suggest that another reason for the drop in the unemployment figures might be that there are fewer people looking for work and are no longer receiving assistance from the state. This would prevent them from being on any survey and therefore not being counted in any of the figures.
Commodities from the vantage point of the consumer, reacted favorability to the news from Washington. Oil and Gold was down and the U.S. Dollar rallied and closed up. All signs that are good news for the consumer.
Oil* – Down $0.58 to $75.58
Gold* – Down $49.10 to $1,161.30
U.S. Dollar Index* – Up $1.14 to $75.82
Continue to follow these markets throughout the day as I update my Twitter, Blogger, and Facebook pages.
* Prices for these commodities were taken at 3:15 PM CST and may not reflect actual closing prices.