December jobs report: Unemployment rate at 9.4%

High hopes for December's employment numbers were dashed Friday, when the Labor Department reported disappointing job gains for the month. But the unemployment rate took a surprising dive.

The economy added 103,000 jobs in December -- falling short of most expectations. Meanwhile, the unemployment rate sunk to 9.4%, its lowest level since May 2009, confusing some economists.

0Email Print CommentWhile a sharply lower unemployment rate was a welcome surprise, some experts said that drop was mostly due to a shrinking workforce.

"A lower unemployment rate is a mixed blessing," John Silvia, chief economist at Wells Fargo said in a note. "Yes, we are getting more people employed but we appear to be losing people into the woodwork -- not a good sign long term."

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- Posted: 2011-01-07 12:35:23

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