1. Economy

    Unemployment Drops to 8.6 Percent

    SAN FRANCISCO, CA - NOVEMBER 09:  Job seekers wait in line to enter the San Francisco Hire Event job fair on November 9, 2011 in San Francisco, California.  The national unemployment rate dipped this past month to 9 percent in October after employers added 80,000 jobs.  (Photo by Justin Sullivan/Getty Images)

    Justin Sullivan / Getty Images

    Better than forecast news for Christmas. The unemployment rate fell from an expected 9 percent to 8.6 percent, the lowest in two and a half years. Some 20,000 jobs were shed in government but 120,000 added in retail, leisure, hospitality, professional and business services, and health. That’s not enough to keep pace with population growth (150,000 a month), and we’re way below recovery levels of 500,000 new jobs a month. Millions have spent more than six months looking for work (5,691,000—a slight improvement on October). Meanwhile, the president’s American Jobs Act is stalled in Congress.

    Read it at Bureau of Labor Statistics