US Jobless Rate Steady Despite Massive Hiring

Written By Unknown on Minggu, 07 Desember 2014 | 18.56

US job creation smashed estimates last month with 321,000 new positions, although the jobless rate remained static.

The Labor Department said it was the strongest monthly performance in almost three years and wages also increased - a development which may bring the Federal Reserve closer to raising interest rates.

But the unemployment rate held steady at a six-year low of 5.8% despite the big increase in employment.

November marked the tenth-straight month that job growth has exceeded 200,000, the longest stretch since 1994 and further
confirmed the economy is weathering slowdowns in China and the eurozone.

Average hourly earnings rose 2.1% in the year to November - still below the increase of 3% or more that economists say would make the Fed comfortable lifting rates, but an improvement.

There was also positive news in terms of fresh four-year lows in the numbers giving up looking for work and in long-term unemployment figures.

Job gains were also broad-based across the economy, with retail payrolls rising strongly ahead of the holiday shopping season.

Separate figures showed the US trade deficit fell slightly in October as exports rebounded while oil imports dipped to the lowest level in five years amid the rush for US shale oil.

The Commerce Department says the deficit edged down 0.4% to $43.4bn (£27.7bn).

Exports climbed 1.2%.

The figures sparked a rally in world stocks, with the FTSE 100's gains hitting 1% on the day shortly after the announcements.

US futures pointed to a slightly higher openings on Wall Street.


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