The economy has seen a jolt for the second straight month as employers added 203,000 jobs in November. Unemployment dropped .3 percent to 7 percent, which is the lowest its been since 2008.
Economists predicted November to add 180,000 jobs and for the labor market to fall just .1 percent, so statistics were better than expected. October kicked off these positive numbers after it created 204,000 positions on the estimate of 120,000 despite the government shutdown.
November Jobs Created in Sectors:
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Transportation/Warehouse: 30,500 jobs
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Health Care: 28,000
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Manufacturers: 27,000
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Construction: 17,000
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State and Local Government: 14,000
The hiring within the state and local government made up for the federal governments continued cut in workers.
Investors were anxiously awaiting the numbers as the Federal Reserve hints at tapering in the coming months. Part of the Fed’s decision to slow the monthly $85 billion bond-buying program will depend on the labor market, and they were hoping to see continued improvement such as this.
There has been talk within the Fed that tapering could begin as soon as this month.
With the U.S. jobs report showing stronger numbers, gold dipped to a five-month low this morning before seeing gains of $7.75 at the time of writing because of bargain shopping and short coverings. Gold prices have slide in recent weeks due to a sell-off partially due to accelerated job market growth and talk of the Fed slowing its stimulus.
What are your thoughts?
Did you get a new job in November?
Is tapering likely due to the increase in jobs created?
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