US payrolls rise solidly, with the jobless rate at nine-year low
Washington — US employers boosted hiring in November and the unemployment rate dropped to a more than nine-year low of 4.6%, making it almost certain that the Federal Reserve will raise interest rates later this month. Nonfarm payrolls increased by 178,000 jobs last month, the labour department said on Friday. The solid gains in employment probably reflect rising confidence in the economy. Data for September and October were, however, revised to show 2,000 fewer jobs created than previously reported. The three-tenths of a percentage point drop in the unemployment rate last month to its lowest level since August 2007 was both the result of more people finding work as well as dropping out of the labour force. The report came on the heels of recent data showing the economy growing at a brisk clip in the third quarter, and gains in consumer spending, inflation, housing and manufacturing early in the fourth quarter. Economists had forecast payrolls rising by 175,000 jobs last month and t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.