US employment figures up by 203,000 in November

The US added 203,000 jobs in November as another month of strong jobs growth increased the chances of the Federal Reserve slowing its asset purchases from $85 (€62 billion) billion a month.

Jobs growth came in ahead of expectations of 185,000 and the unemployment rate fell from 7.3 to 7 per cent – the lowest since November 2008.

The figures suggest robust jobs growth in October was no fluke and the US labour market is picking up speed. Average jobs growth for the past three months is 193,000.

November’s payrolls data creates a close call for the Fed at its December meeting: they are not the kind of outstanding figure that would make “tapering” an easy decision but add to growing evidence of momentum in the economy.

The Fed is paying close attention to November’s jobs data after the October report was distorted by a three-week government shutdown. Job gains were spread across the economy, with the manufacturing sector adding 27,000 jobs, 17,000 new positions in construction, 22,300 in retail, 30,500 in transport, and 29,600 in healthcare. – (Copyright The Financial Times Limited 2013)