Unemployment in the U.S. unexpectedly dropped in November to a two-year low, while employers added fewer workers than projected and earnings eased, indicating the labor market is making limited progress.
The jobless rate declined to 8.6 percent, the lowest since March 2009, from 9 percent, Labor Department figures showed today in Washington. Payrolls climbed 120,000, with more than half the hiring coming from retailers and temporary help agencies, after a revised 100,000 rise in October. The median estimate in a Bloomberg News survey called for a 125,000 gain.
Companies like DirecTV have said they will keep a tight rein on spending and employment in 2012, reflecting concern over the outlook for demand, Europe's debt crisis and the U.S. deficit. The scant number of jobs is limiting wage gains and restraining consumers' ability to boost spending, which accounts for about 70 percent of the economy.
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