The national unemployment rate decreased to 7.7 percent in November, the lowest it has been since December 2008, according to the U.S. Department of Labor (DOL).
Employers added 146,000 jobs in November, exceeding most projections. The median estimate of 91 economists surveyed by Bloomberg News called for a gain of 85,000 jobs. Hurricane Sandy “did not substantially impact” the jobs data, the Labor Department said.
The Labor Department revised its September and October estimates downward by a total of 49,000 jobs. The September jobs estimate was revised from 148,000 to 132,000, while the October estimate was revised from 171,000 to 138,000.
“Job gains were reported last month in nearly every hiring category,” said Secretary of Labor Hilda L. Solis in a statement. “Hiring in the business and professional services sector is back to its pre-recession peak. Consumer confidence is high and Americans are shopping again.”
The November jobs estimate is the 33rd consecutive report to show private sector job growth, with nearly 5.6 million new jobs over that span.
“There’s more work to be done, but our economic recovery remains on the right trajectory,” Solis said.