US hiring likely held steady last month even as White House, Congress battled over budget

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Continued: US hiring likely held steady last month even as White House, Congress battled over budget

Article by: CHRISTOPHER S. RUGABER , Associated Press
Last update: January 4, 2013 - 12:39 AM

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The decline in layoffs coincided with a drop last month in the number of people who applied for unemployment benefits. The four-week average was little changed at 360,000 last week. That's only slightly above the previous week's 359,750, which was the lowest since March 2008.

Still, the unemployment rate remains high. It fell to 7.7 percent in November from 7.9 percent in October. But that was mostly because many of the unemployed stopped looking for jobs. The government counts people as unemployed only if they are actively searching for work.

There are signs the economy is improving. The once-battered housing market is recovering, which should lead to more construction jobs this year. Companies ordered more long-lasting manufactured goods in November, a sign they are investing more in equipment and software. And Americans spent more in November. Consumer spending drives nearly 70 percent of economic growth.

Follow Chris Rugaber at http://Twitter.com/ChrisRugaber

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