Jobless Rate Highest in Two Years

The unemployment rate rose to 5.0 percent in December, the U.S. Department of Labor reports. The increase, up from 4.7 percent in November, represents the highest jobless rate since November 2005.

Nonfarm payroll employment was essentially unchanged (+18,000). Job growth in several service-providing industries, including professional and technical services, health care, and food services, was largely offset by job losses in construction and manufacturing. Average hourly earnings rose by 7 cents, or 0.4 percent.