Unemployment Rate Drops to 50-Year Low of 3.5%

Unemployment Rate Drops to 50-Year Low of 3.5%

Employers added 266,000 jobs in November and the jobless rate fell to a 50-year low of 3.5%, matching September’s level, the Labor Department said Friday. Wages advanced 3.1% from a year earlier. The Wall Street Journal reports:

The U.S. job market strengthened in November, as hiring jumped and unemployment fell, adding fuel to the economic expansion.

The stronger pace of hiring could help juice up the broader U.S. economy, which is still expanding but at a slower pace than last year. U.S. stock futures and government-bond yields rose Friday after the data was released.

Hiring was strong in health care, restaurants and transportation jobs. In November, manufacturers added 54,000 jobs, 41,000 of which were in auto manufacturing. General Motors Co. workers, who were on strike in October, helped drive the bounceback.

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