Unemployment declined to 8.6% in November

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Source: Dukascopy Bank
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"The economy is continuing to head in the right direction"
- Millan Mulraine, senior macro strategist at TD Securities

The unemployment rate declined to 8.6 percent in November from 9 percent in October, said the Bureau of Labor Statistics on Friday. Economists expected the reading to remain at 9 percent.

"It's good news, not great news," said Nariman Behravesh, chief economist at IHS Inc. in Lexington, Massachusetts. "The labor market is gradually healing. I wouldn't take huge comfort that the unemployment rate is falling but some comfort that it's edging down."

"The economy is continuing to head in the right direction," said Millan Mulraine, senior macro strategist at TD Securities in New York. "However, the ultimate test of the sustainability of the recovery is for the economy to create a sufficient number of jobs to sustain a consumer-led rebound in activity."
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Mon, 05 Dec 2011 08:14:37 GMT

U.K. construction sector contracted in November

U.K. construction sector contracted modestly in November, according to the data published by the Markit agency on Friday. The construction purchasing managers' index slid to 52.3 in November from 53.9 in October. A reading above 50 signals industry expansion.

Mon, 05 Dec 2011 08:14:12 GMT

Merkel: "Resolving crisis will take years"

German Chancellor Angela Merkel said in a speech to parliament Friday that European sovereign debt crisis cannot be solved in one step and once again rejected joint euro bonds idea, urging instead a tighter fiscal union.

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