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The U.S. added 120,000 jobs in November, slightly below economists’ expectations, but the unemployment rate tumbled to 8.6% from 9% the month before. The size of the labor force fell by 315,000, which helped lower the unemployment rate despite the so-so increase in jobs. Economists had been expecting the country to add 131,000 jobs, and for the unemployment rate to stay at 9%.
Private companies added 140,000 jobs.
The household survey also showed a 278,000 jobs gain, which is considered pretty robust. (There are separate surveys of households and businesses — the household survey is sued to determine the unemployment rate, while the survey of business payrolls is the headline 120,000 number we reported at the top.)
In addition, October’s job growth numbers were revised up to 100,000 from 80,000, and September numbers jumped to 210,000 from 158,000.
Stock futures were rising strongly before the announcement, with the Dow up about 150 points, following European markets higher. A speech by German chancellor Angela Merkel reinforcing her commitment to a strong European Union helped give investors confidence.
Stock futures held their gains after the jobs report.
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