U.S. Payrolls in November Grew 321,000; Jobless Rate 5.8%; Economy on Track to Record Strongest Year of Job Creation in 15 Years
U.S. businesses ramped up hiring across the board in November, putting 2014 on pace to be the best year for job growth since 1999.</br></br>Nonfarm employers added a seasonally adjusted 321,000 jobs in November, the most in one month since January 2012, . Payroll gains in October and September were revised higher as well. The unemployment rate stood at 5.8%, unchanged from October but down from 7% in November 2013.</br></br>Friday's report also showed nascent signs that wage growth, which has been slow during the recovery, is accelerating. If sustained, that could lift incomes and bolster consumer spending during the holidays.</br></br>"This is another sign that says we're taking off," said Beth Ann Bovino, chief U.S. economist at Standard & Poor's Ratings Services.</br></br>The labor market's improving health could help cushion the U.S. from a deepening slowdown in other parts of the global economy. Continued strong job gains also would bring forward the day when the Federal Reserve starts raising short-term interest rates, which have been near zero for six years during the financial crisis, recession and slow recovery.