U.S. Adds 211,000 Jobs in Nov

New York: The U.S. economy added 211,000 jobs in November; a solid boost that likely means the Federal Reserve will raise interest rates later this month. The jobs gains exceeded expectations. Economists surveyed by CNNMoney predicted there would be 192,000 jobs added.

The unemployment rate stayed steady at 5%, its lowest level since 2008. Strong hiring is a reassuring sign of a healthy job market. There were concerns that job growth was slowing over the summer, but October was the best month of job gains this year, and Friday’s news keeps the momentum going.

“October and November have bounced back so strongly,” says Phil Orlando, chief economist at Federated Investors. Those gains “really erase the stench of that August and September mess.”

In fact, October’s job gains were revised up to 298,000 jobs added from 271,000 jobs.