The unemployment rate dropped to 7.7% in November, a four-year low. About 146,000 jobs were added last month, according to the Labor Department. However, the drop was mostly attributed to a declining work force, with more discouraged people giving up on the search for work.
The economy is still vulnerable to uncertainties and setbacks. Some economists project that thousands of new jobs were prevented from being created this year because of fear of falling off the “fiscal cliff,” which we are set to go off of on December 31. President Obama and Speaker Boehner have signaled that they are no closer to a deal to avoid it.