The US Department of Labor reported Friday that the unemployment rate fell 0.2 percent to 8.5 percent in December, the lowest it has been in nearly three years. Friday's labor report also indicated that the US experienced sustained job growth in almost every industry with about 2 million private sector jobs being created in 2011. Specific sectors that saw growth were transportation, retail trade and manufacturing.
Meanwhile, Statistics Canada announced Friday that the Canadian unemployment rate rose for a third consecutive month in December, this time by 0.1 percent to 7.5 percent. Nevertheless, in 2011, total employment in Canada increased 1.2 percent from a year ago.