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Jobs Report: U.S. Economy Added 203K Jobs In November, Unemployment Down To 7%
Seems like no matter what the Republicans do to try to hobble the American economy, they can't stop the Obama Recovery.Investors were waiting with bated breath for the November jobs report, anxious to see what the new numbers would indicate about Federal Reserve tapering.
Employers added 203,000 jobs in November, above the 180,000 economists expected. The unemployment rate, which is drawn from a different survey of households, was down to 7% from 7.3% in October. The labor force participation rate was up slightly to 63% from 62.8%.
Following the news the S&P 500 added about 18 points to 1,800 in pre-market trading. The Dow added about 143 points to 15,960.
“On the broad brush it is obviously a good number,” said Steve Blitz, chief economist at ITG Investment Research. Blitz pointed out, however, that private sector payroll and average hourly earnings are up about 2% year-over year. He calls it “the 2% economy.” So when you dig into the numbers there are more questions.
Employers added 203,000 jobs in November, above the 180,000 economists expected. The unemployment rate, which is drawn from a different survey of households, was down to 7% from 7.3% in October. The labor force participation rate was up slightly to 63% from 62.8%.
Following the news the S&P 500 added about 18 points to 1,800 in pre-market trading. The Dow added about 143 points to 15,960.
“On the broad brush it is obviously a good number,” said Steve Blitz, chief economist at ITG Investment Research. Blitz pointed out, however, that private sector payroll and average hourly earnings are up about 2% year-over year. He calls it “the 2% economy.” So when you dig into the numbers there are more questions.