Saturday, 07 December 2013 - 17:45
US jobless rate drops to five-year low of 7%
The US jobless rate fell sharply to 7 per cent in November, the lowest level in five years on the creation of a solid 203,000 jobs.
The drop in the rate, from 7.3 per cent in October, was unexpected and raised the odds that the Federal Reserve could soon begin moving away from its huge stimulus plan.
The number of jobs created was also better than expected, 3,000 more than October's adjusted figure and up from a revised 175,000 in September, with the gains spread over the manufacturing, retail trade, health and professional service sectors.