U.S Economy adds 203,000 in November; Unemployment Rate Lowers To 7.0 Percent

jkThe Department of Labor reported today that the U.S. economy added 203,000 non-farm payroll  jobs in November while the unemployment rate fell to 7.0 percent, the lowest unemployment rate since November 2008.

Briefing.com estimated 185,000 non-farm payroll jobs in November.

Job growth has averaged 195,000 per month over the previous 12 months.

The jobs report today showed that the revision in total nonfarm payroll employment for September was revised from 163,000 to 175,000.

For October it was revised from 204,000 to 200,000.

With these revisions, employment increases in September and October combined were 8,000 higher than was previously reported.

The average workweek for all employees on private nonfarm payrolls moved higher by 0.1 hour to 34.5 hours in November.

As a result of the positive jobs data, the yield on the 10-year Treasury note rose early on Friday to 2.9 percent, and is near its 2013 high of 2.97 percent.

Investors have speculated that a strong jobs number in November combined with higher nonfarm payroll job revisions for October and September along with a declining unemployment rate may signal that the economy is on the right track for the Federal Reserve to being tapering their $ 85 billion monthly quantitative easing program, perhaps as early as their next meeting on Dec. 17-18th.

Yesterday a second estimate of Q3 U.S. GDP by the U.S. Commerce Department showed that GDP growth accelerated at 3.6 percent  annualized pace in the third quarter, easily beating estimates of  3.1 percent, according to economists from briefing.com.

That matches the best gain since Q3 2012.

 

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