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Friday
Dec032010

Jobs Report Disappointing, Unemployment Up to 9.8%

Photo Courtesy - Getty Images(WASHINGTON) -- The nation's employers increased payrolls by 39,000 in November, significantly worse than the 130,000 increase analysts expected.

Private sector companies added only 50,000 workers, far fewer than the 140,000 predicted.
 
The jobless rate jumped significantly from 9.6 to 9.8 percent.

A net of 7.5 million jobs have been lost since Dec. 2007, the first month of the recession.

“There's no denying that the report is disappointing,” Vice President Biden said from the Roosevelt Room of the White House, “because we were, quite frankly, hoping for even stronger job growth.”

The vice president said that the bottom line is that there has clearly not been enough economic progress.

“There is too much pain out there. There's still millions of people out of work and trying to make do with -- without a paycheck and without the dignity or the respect that goes with a job.”

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ABC News Radio