US Job Cuts Steadily Going Down
Job cuts across the US were seen steadily going down in November as the retail sector started to hire new employees due to the promise of stronger outlook next year.
The US Labor Department said that there were only 130, 000 employees who lost their jobs last month compared to more than 190, 000 a month before.
Companies across the United States are slowly being convinced to retain the number of its workforce as shown in the latest survey by Reuters. According to the survey, the job cuts in the US have significantly slowed down in November with only minor job losses recorded.
The survey, which was answered by some 72 respondents from the corporate world, said that the retail sector are showing signs of stability in the wake of the recession, adding that even without the seasonally adjusted factors, businesses in the US are making progress.
Based on records, some 130, 000 jobs were lost in November, a major drop from 190, 000 last October. Analysts also said that it was the biggest drop in the number of job losses since July 2008 and has reached the 23rd straight month of decline.
The Labor Department, on the other hand, said that the unemployment rate is the steadiest decline in over 26 years after it has reached record-high of 10.2 percent.The department also expected the figure to drop even further when it release the final economic report on Friday.
Also, the Labor Department said that the decline in the number of jobless people in November can be directly attributed to the continuous government effort to curb the sluggish economic growth with the help of the stimulus packages provide in various sectors.
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