joblessness

The unemployment rate fell last month to its lowest level in more than two and a half years, as employers stepped up hiring in response to the slowly improving economy. The Labor Department says the unemployment rate dropped sharply to 8.6 percent last month, down from 9 percent in October. The rate hasn't been that low since March 2009.

Unemployment rates fell in three-quarters of U.S. states last month, a sign that many parts of the country are experiencing modest job gains. The Labor Department says unemployment rates fell in 36 states in October and rose in only 5. Rates were unchanged in 9 states. That's the best showing since April, when rates fell in 39 states.

The number of people applying for unemployment benefits fell last week to the lowest level since early April, a sign that layoffs are easing and hiring may pick up. Weekly applications dropped by 5,000 to a seasonally adjusted 388,000, the Labor Department said Thursday. It was the fourth decline in five weeks.

Many of you reached out to Daily Finance earlier this week, after we ran a report on long-term unemployment's impact on older workers. Readers shared stories of careers terminated, benefits exhausted, and savings consumed. Today's news about slight improvements in the unemployment rate bring little relief.

How many Americans have been out of work for more than a year? Around 4.4 million -- about the same as the population of Louisiana. And a disproportionate percentage of those long-term unemployed workers are 55 and older.

Economists discussing the sluggish state of the economy at a media breakfast held by the New York State Society of Certified Public Accountants this week, offered up a variety of explanations for the lasting economic malaise, ranging from the housing crisis fallout to structural unemployment.

North Dakota topped Gallup's list of best places to find jobs last year, followed by other states rich in natural resources, such as South Dakota and Alaska. Meanwhile, Nevada, New Jersey and California were the worst states for job hunters.

Whether it was a fresh startup or a fresh start, fewer Americans seemed willing to take career risks last year, according to a new report by Challenger, Gray & Christmas. The percentage of job-seekers starting their own businesses or relocating for new positions fell to historic lows in 2010.

New forecasts show that the worst may be over for the construction industry, which was hit harder by the Great Recession than any other sector, as construction projects slowly resume. Some 27% of construction firms say they plan to add staff this year, while only 20% plan to cut jobs.

Americans who are unemployed or underemployed are three times as likely to fall behind on their bills as those who are fully employed, according to a Gallup Poll released Tuesday.