Job Market Shows Major Improvement in November

The U.S. economy shed only 11,000 jobs in November, less than 10 percent of the predicted number, CNN Money reports. By comparison, job losses numbered 139,000 in September and 111,000 in October after initial numbers were revised for accuracy. The overall unemployment rate dropped from 10.2 percent to 10.0 percent in November, the first time it has fallen in the 13 months since the recession began.

Countering the positive news, however, long-term employment statistics looked bleaker in November than ever: a record 5.9 million people have been out of work for more than six months. Another 9.2 million have found only part-time work and are still looking for full-time jobs.