November Jobs Report Released, Points To Rate Hike
Another month of steady job growth continues to pave the way for the Fed to hike interest rates next month for the first time in a decade.
US employers added 211k jobs for the month of November while the unemployment rate held steady at 5%, in line with analyst estimates, the Wall Street Journal reports.
Recent turmoil in the stock market and economic weakness overseas have apparently not shaken employers’ confidence as November’s solid numbers have lifted the average monthly job growth to 218k over the past three months, slightly ahead of last year’s pace.
The report is likely the last sign needed for Fed officials to move forward with a rate hike at their December meeting. Officials have made a strong case in recent weeks for raising rates from near zero, where they have stood since the crisis of 2008, but continue to focus on underlying trends that show the economy is improving. [WSJ]