More jobs US unemployment rate drops
The fall from 7.3 % in October was unexpected, and came as the economy generated 203,000 jobs.
WASHINGTON:
The US jobless rate fell sharply to 7% in November, a five-year low, raising the odds that the Federal Reserve could soon cut its huge stimulus program.
The fall from 7.3 % in October was unexpected, and came as the economy generated 203,000 jobs, picking up from the two previous months. Job growth spread over the manufacturing, retail trade, health and professional service sectors, and suggested that US industry continues to gain confidence despite the continuing battles over the budget and spending cuts, which many economists have feared would slow hiring.
Analysts believe that the strength of the Labour Department report could give the Federal government more reason to begin cutting back its $85 billion a month bond-buying program, aimed at boosting economic growth. The job creation numbers show a clear rebound from the mid-year slump: the average for the past three months is 193,000 a month, up from 166,000 in the June-August period.
Published in The Express Tribune, December 8th, 2013.
The US jobless rate fell sharply to 7% in November, a five-year low, raising the odds that the Federal Reserve could soon cut its huge stimulus program.
The fall from 7.3 % in October was unexpected, and came as the economy generated 203,000 jobs, picking up from the two previous months. Job growth spread over the manufacturing, retail trade, health and professional service sectors, and suggested that US industry continues to gain confidence despite the continuing battles over the budget and spending cuts, which many economists have feared would slow hiring.
Analysts believe that the strength of the Labour Department report could give the Federal government more reason to begin cutting back its $85 billion a month bond-buying program, aimed at boosting economic growth. The job creation numbers show a clear rebound from the mid-year slump: the average for the past three months is 193,000 a month, up from 166,000 in the June-August period.
Published in The Express Tribune, December 8th, 2013.