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The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266 000 and the unemployment rate falling to 3,5 percent, according to Labour Department numbers released Friday.
Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187 000 and saw the unemployment rate holding steady from October’s 3,6 percent.
The jobs growth was the best since January. While hopes already were up, much of that was based on the return of GM workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41 300, part of an overall 54 000 gain in manufacturing.
Stock market futures surged in reaction to the better-than-expected report. Bond yields also surged. — CNBC.
Online Reporter