Strong Jobs Report Clears Path for December Rate Hike

The U.S. Labor Department reported the national economy added 211,000 jobs in November, delivering another month of steady job growth while the unemployment rate remained unchanged at 5%. November’s numbers raised the average monthly job gains to about 210,000 year-to-date. While still below last year’s monthly average of 260,000 new jobs, the positive growth is expected to give assurance to the Fed that the economy can handle a rate increase. During seven years of near-zero federal funds rates, the economy has added nearly 12 million jobs and reduced unemployment levels by over half. Along with a growing job market, wages are also steadily rising, up 2.6% from January through November — some of the strongest growth since tracking began in 2009.

Read more at the Wall Street Journal