Dec. 5 (Bloomberg) — A broad-based November hiring surge ranging from factories to offices and retailers powered the economy to create the largest number of jobs in almost three years, triggering long-awaited wage gains.
The 321,000 advance in payrolls exceeded the most optimistic projection in a Bloomberg survey of economists and followed a 243,000 gain in October that was stronger than previously reported, figures from the Labor Department showed today in Washington. The jobless rate held at a six-year low of 5.8 percent. Average hourly earnings rose 0.4 percent, the most since June of last year.
Persistent job growth that's generating income growth and stoking demand increases the likelihood of employment opportunities for even more Americans. Treasury yields rose as traders bet the improvement in the labor market will help assure Federal Reserve policy makers that the economy is strong enough to withstand an increase in borrowing costs next year.
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