U.S. Economy Added 321,000 jobs in November

Employment numbers are stronger than expected in November as the U.S. economy created 321,000 jobs. Experts and economist was expecting 230,000 increase. The U.S. Labor Department said in a report Friday that businesses have added 321,000 jobs in November. This is the biggest hiring increase in nearly 3 years.

However the unemployment rate was unchanged at 5.8%, and the people who are unemployed is now at 9.1 million. The people who are unemployed for 27 weeks or more in November is at 2.8 million.

November is the 10th month that the economy has added 200,000 jobs, but it must add at least 250,000 jobs on average monthly to keep pace with population.

The bad news is, 6.9 million people who are working are employed part-time since they cannot find full-time job.

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Jobless applications In the US jump to 300,000

Americans are feeling the heat as the number of people seeking U.S. unemployment benefits jump last week to above 300,000, the highest in almost three months.

The Labor Department on a report last Wednesday said the weekly applications went up by 21,000 to 313,000. Making it the highest level since the beginning of September. Using a four-week average which is a less volatile indicator, it went up by 6,250 to 294,000.

This increase will not cause any concerns about the overall status of the job market. Some of it were due to seasonal layoffs in business sectors that are affected by cold weather like construction. Claims were under 300,000 for 10 weeks consecutively, which is not the normal level this shows that companies are laying off less workers.

The jobless rate fell to 5.8%, this is the lowest in 6 years, down from 7.2% last year.

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