The US Bureau of Labor Statistics reported on Friday that unemployment in the country edged down from 10.2% to 10% in November, with fewer jobs lost in the previous two months than anticipated. The latest monthly figure was discussed at a congressional hearing yesterday as president Barack Obama welcomed the news but said he is still not satisfied.
At a hearing of the bipartisan Joint Economic Committee at the Senate, lawmakers from both major US political parties cited the November unemployment figure as welcome progress. However, they also noted the economic pain many of their constituents are still feeling in an economy struggling with deep recession.
Senator Amy Klobuchar, a Minnesota Democrat, said Americans at all levels, but notably the middle class, continue to struggle. "While parts of our economy are clearly stabilizing, with the Dow Jones over 10,000 again, it is clear that other parts of the economy are still struggling. We need to make sure that all Americans, not just the folks who happen to work on Wall Street, feel that we are digging ourselves out of the hole," she commented.
Despite a generally upward trend in recent months on Wall Street, Obama, administration officials, and economists continue to caution that employment will lag behind other indicators of economic recovery.
Keith Hall, Commissioner of the Bureau of Labor Statistics, said the November figure, which still represents 15.4 million Americans out of work, is the lowest monthly job loss since the official beginning of the US recession in December 2007, and follows moderating figures in three previous months.