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The U.S. economy added 203,000 more jobs during the month of November, much more than expected. The unemployment rate also hit 7 percent, which is the lowest in five years.
It is possible that the number was boosted by the return of government workers following the 16-day October government shutdown, but it still suggests that the economy is getting better and picking up at least some momentum, notes The New York Times. The report also beat economists’ expectations, as those polled by Bloomberg only expected 185,000 new jobs.
According to USA Today, the monthly data report released by the Labor Department showed businesses adding 196,000 jobs, while governments from the local to federal level added 7,000. The sectors that showed particular improvement were transportation, manufacturing and healthcare.
The Labor Department also adjusted numbers from September and October up by 8,000 in total. In the past year, the economy has added 2 million jobs, which is the most since 2005.
Wall Street has been closely watching the reports as of late, since the Federal Reserve is expected to slow down its stimulus. This was expected to happen in September, but the Fed decided to keep it going for another three months. The LA Times notes that some are also surprised that the economy continues to do well, despite the shutdown in October.