Unemployment Rate Drops to 9.4%

The U.S. unemployment rate fell to 9.4% in December, the lowest in a year and a half, the Labor Department said Friday.

Payrolls rose by 103,000, less than the 150,000 forecast by analysts, Bloomberg reported, though employment in the previous two months increased more than previously estimated.

Truck transportation jobs by 2,600 jobs and the entire trucking and warehousing sector rose by 8,800, Labor figures showed.

November’s 9.8% unemployment rate had been the highest since April. December’s rate was the lowest since May 2009.

Manufacturing employment jumped by 10,000, twice what had been forecast, while construction fell by 16,000. Retailers added 12,000 workers.

Government payrolls fell by a cumulative total of 10,000. State and local governments reduced employment by 20,000 and the federal government added 10,000 jobs.