Unemployment Rate Drops to a 5-Year Low

November was another good month for hiring, with the U.S. economy adding more than 200,000 jobs.

Posted:
 
142809735
Job seekers wait in line to enter a job fair hosted by the state of New York.

 Justin Sullivan/Getty Images

November marks the fourth straight month in which the job market has been looking up, the Associated Press reports.

On Friday the Labor Department announced 203,000 added jobs, causing the unemployment rate to dip to 7 percent, a five-year low and down from 7.3 in October, which also saw impressive job gains.

On average, the economy has now produced approximately 204,000 jobs per month from August to November, compared with the 159,000 a month from April to July.

According to the AP, most of last month's job gains were in higher-paying industries, such as construction and manufacturing. 

More hiring in higher-paying jobs could result in increased spending, which, in turn, would boost the economy. However, not everything is looking great. Consumer spending grew at the slowest pace since late 2009, the AP notes.

Still, the economy did expand at an annual rate of 3.6 percent for July to September; the government said on Wednesday that this is the fastest growth since 2012.

Read more at the Los Angeles Times.

Like The Root on Facebook. Follow us on Twitter. 

Comments
The Root encourages respectful debate and dialogue in our commenting community. To improve the commenting experience for all our readers we will be experimenting with some new formats over the next few weeks. During this transition period the comments section will be unavailable to users.

We apologize for any inconvenience and appreciate your continued support of The Root.

While we are experimenting, please feel free to leave feedback below about your past experiences commenting at The Root.