October 26, 2016

US economy adds 211,000 more jobs

US jobs growth remained solid in November as the economy grows more 211,000 jobs, slightly extending expectations.

The data, from the Bureau of Labor Statistics, also showed the jobless rate held at its seven-and-a-half year low of 5%.
The jobs stats showed that the construction, food services and retail sectors all saw healthy job increases.

The robust figures could now pave the way for the first US interest rate rise in close to 10 years later this month.
Labour market strength is an important consideration for the US central bank over whether to move interest rates.

On Thursday, Fed Chair Janet Yellen’s singalled to a joint Congressional committee that the Federal Reserve was on track for a December rates rise.

The Fed, whose policy-setting committee will meet on 15 and 16 December, cut rates to near-zero in December 2008 in response to the financial crisis.

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