Non-farm payrolls came in at 211,000, slightly ahead of estimates, plenty to keep the Fed on track for a rate hike this month says Moody's Analytics' John Lonski. Jeanne Yurman reports.
U.S. job growth remained solid in November. 211,000 new jobs were added to the economy and the unemployment rate held at five percent - a 7 ½ year low. John Lonski, chief economist, Moody's Analytics. (SOUNDBITE) (English) JOHN LONSKI, CHIEF ECONOMIST, MOODY'S ANALYICS SAYING: "Its definitely strong enough so that were going to have a rate hike come December 16. I think its important to note the market reaction, equities are higher thus far, we also have bond yields somewhat lower and the dollar stronger, everybody seems to like this number." November's data follows a strong reading in October that was revised higher. September's figure was revised higher as well. The economy added jobs in construction, and services. Job declines were reported in manufacturing and Mining. Hourly wages rose two-tenths of one percent but edged down from the 2.5 percent pace in October. And the number of long-term unemployed - those jobless for 27 weeks or more-was little changed as was the labor force participation rate at almost 63 percent. The report underscores a gradually improving and resilient economy. It also helps pave the way for the Federal Reserve to hike interest rates for the first time in nearly a decade. The Fed holds its last meeting of the year December 15th and 16th.