U.S. jobless rate falls to 5-year low as employers add 203,000 jobs in November

Financial Post | Business

WASHINGTON — U.S. employers hired more workers than expected in November and the jobless rate fell to a five-year low of 7.0%, which could fan speculation the Federal Reserve could start reducing its bond purchases this month.

[np_storybar title=”Canada’s job growth almost doubles expectations” link=”http://business.financialpost.com/2013/12/06/canadas-job-growth-almost-doubles-expectations/”]The Canadian economy gained 22,000 jobs in November, almost double economists’ forecasts, and the jobless rate held steady at 6.9%. Economists had predicted a gain of 12,000 jobs. Keep reading.

Nonfarm payrolls increased by 203,000 new jobs last month, the Labor Department said on Friday. The unemployment rate dropped three tenths of a percentage point to its lowest level since November 2008 as some federal workers who were counted as jobless in October returned to work after a 16-day partial shutdown of the government.

Economists polled by Reuters had forecast payrolls rising 180,000 last month and the unemployment rate falling to 7.2% from 7.3%.

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