News

Unemployment Falls To 7%

help_wantedNEW YORK (CNNMoney) – Has the job market finally hit its stride? Hiring continued at a solid pace in November, and the unemployment rate fell to a five-year low … for the right reasons.

The U.S. economy added 203,000 jobs in November. Economists surveyed by CNNMoney had predicted payroll gains of 183,000 jobs.

The unemployment rate fell to 7.0% — the lowest level since November 2008, as more people said they got jobs and joined the labor force.

This is encouraging news for the 11 million Americans who remain unemployed. The job market has been improving for three years now, but at a frustratingly slow pace.

Related: White House wants to extend unemployment benefits

The hiring was broad based, with big gains for sectors that tend to pay low wages as well as those that offer higher salaries. While retailers, restaurants and bars all hired more workers, traditionally higher wage sectors boasted even stronger job growth.

For example, professional and business services added 35,000 jobs.

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2 Comments to “Unemployment Falls To 7%”

    Brian said:
    December 6, 2013 at 12:32 PM

    this is not true of what is really going on. people have given up and no longer get unemployment. plus all this surge in jobs is holidays hiring so get the facts right and quit feeding the false stuff to make Obama look good

    Guest said:
    December 6, 2013 at 5:59 PM

    THE RATE OF "UNEMPLOYMENT PAYOUT" MIGHT BE AT 7% AND THAT'S BECAUSE THEY HAVE CUT BENIFITS AND EXTENTIONS. I'M A 52 YEAR OLD FACTORY WORKER THAT NO ONE WILL HIRE. BEEN CUT OFF UNEMPLOYMENT FOR 3 YEARS NOW. LIVING OFF MONEY FROM ODD JOBS, COMPANIES WOULD RATHER HIRE TEMP. MIGRATE WORKERS BECAUSE THEY WORK FOR PENNIES, THAN HIRE SOMEONE WITH 20+ YEARS IN THE FACTORY. BECAUSE OF MY AGE.
    THERE'S ALOT OF PEOPLE LIKE ME, NOT COUNTED IN THAT SO CALLED 7%

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