US adds 178,000 jobs in November
The United States added 178,000 new jobs in November according to the U.S. Bureau of Labor Statistics, and the number of unemployed persons declined by 387,000 to 7.4 million. The U.S. unemployment rate declined 0.3 percent to 4.6 percent in November, the lowest unemployment rate since 2007.
The positive job gains lend credence to the expectation that the Federal Open Market Committee will increase the target federal funds rate at its meeting in mid-December. Spencer Levy, head of Americas research at CBRE, noted Friday on Twitter: “Solid November jobs report this morning likely seals the deal for Fed to raise rates in less than two weeks’ time.”
Employment gains occurred in the professional and business services and in healthcare. Employment in professional and business services rose by 63,000 in November and has risen by 571,000 over the year, while healthcare employment rose by 2