Washington (CNN) - The White House calls Friday's unemployment report a hopeful sign of an economic recovery, but warns that "there are many bumps in the road ahead."
The nation's jobless rate dropped to 10 percent in November, the Labor Department reported. The unemployment level stood at 10.2 percent in October, the highest rate in more than a quarter century. The Labor Department also reported that employers cut 11,000 jobs last month, the lowest amount of jobs lost in a month in nearly two years.
"Today's employment report was the most hopeful sign yet that the stabilization of financial markets and the recovery in economic growth may be leading to improvements in the labor market," says Christina Romer, chair of the Council of Economic Advisers, in a statement on the White House website.
But Romer warns that the unemployment level "remains unacceptably high," and says "the monthly employment and unemployment numbers are volatile and subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, positive or negative. But, it is clear we are moving in the right direction."
The release of the unemployment report comes as President Obama travels to Allentown, Pennsylvania to begin what the administration calls a "White House to Main Street" tour on jobs and the economy. Thursday the president held a jobs forum at the White House.
A very different message this morning from one of the top Republicans in Congress.
"After yet another month of job losses, it's clear that one question President Obama is sure to get on his 'listening tour' is: 'Where are the jobs'?" says House Minority Leader John Boehner, in a statement.
While the Republican from Ohio says the decrease in the unemployment rate is encouraging, he says "anyone who views today's report as cause for celebration is out of touch with the American people, especially when Washington Democrats' policies – whether it's a government takeover of health care, a national energy tax, or 'card check' – are already costing jobs and will pile even more debt on our kids and grandkids."
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