Jobless rate drops to 8.6%, but crisis not over

The nation's unemployment rate unexpectedly plummeted for the month of November to 8.6 percent, a two-year low, but Long Island's jobless may not be out

WOODBURY - The nation's unemployment rate unexpectedly plummeted for the month of November to 8.6 percent, a two-year low, but Long Island's jobless may not be out of the woods yet.

According to the latest figures, more than half of the 120,000 jobs added in November were by retailers, restaurants and bars - a sign that holiday hiring has kicked in.

According to Long Island Association's chief economist Dr. Pearl Kamer, these good-news numbers don't paint an accurate picture of the nation's unemployment.

"The bad news is that unemployment fell because we had more discouraged workers who couldn't find jobs and stopped looking, and therefore are no longer counted as unemployed," she says.

Kamer adds that the current level of job growth may be enough to avoid a second recession, but it's not enough to materially reduce the unemployment rate. She says if one were to take into account the hundreds of thousands of Americans who gave up looking for work, combined with people who are underemployed, a more accurate unemployment figure would be upwards of 15 percent.

Share on Facebook Tweet on Twitter

advertisement | advertise on News 12

Top 5 Must See

Police say Jeustin David Maldonado, 17, of Uniondale, 1 Teen charged in connection to Uniondale fatal shooting
Southampton High School is proposing to bump the 2 East End high school proposes later school start
New Cassel's Joshua Golson-Orelus is charged with about 3 Trial begins for man accused in deadly robbery spree
Although Obama had long intended to take one 4 Obama defends decision to commute Chelsea Manning's sentence
Students from Babylon, Three Village and Smithtown school 5 31 LI students to attend Donald Trump inauguration

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE