WASHINGTON (AP) — The U.S. job market is proving sturdier than many thought.
Solid job growth in November cut the U.S. unemployment rate in November to 7 percent, a five-year low. The surprisingly robust gain suggested that the economy may have begun to accelerate. As more employers gain the confidence to step up hiring, more people have money to spend to drive the economy.
Employers added 203,000 jobs last month after adding 200,000 in October, the Labor Department said Friday. November's job gain helped lower the unemployment rate from 7.3 percent in October. The economy has now added a four-month average of 204,000 jobs from August through November, up from 159,000 a month from April through July.
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