Payrolls rose more than anticipated in November and the joblessrate fell to an almost four-year low, indicating superstorm Sandyhad little effect on the U.S. labor market.

Employment climbed by 146,000 following a revised 138,000 gainin October that was less than initially estimated, Labor Departmentfigures showed today in Washington. The median estimate of 91economists surveyed by Bloomberg called for a gain of 85,000. Sandy“did not substantively impact” the data, the agency said. Theunemployment rate fell to 7.7 percent, the lowest since December2008, as size of the labor force shrank.

Gains in hiring indicate consumer spending, the biggest part ofthe economy, will keep expanding. At the same time, concern aboutmore than $600 billion in fiscal tightening slated for early nextyear threatens growth and may set back employment, one reasonFederal Reserve policy makers are weighing increasing stimulus.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.