Unemployment Rate Drops to 8.5%

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The US unemployment rate dropped .2% in December to 8.5%. Total nonfarm payroll increased 200,000 and both the civilian employment population ratio and the civilian labor force participation rate held steady. Since the percentages held steady, this implies that more people found work this past month. The median duration of unemployment dropped .5 weeks led largely by the decrease of 92,000 people unemployed more than six months. For more information, see our Employment Report.

-From the Bureau of Labor Statistics and the St. Louis Federal Reserve

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