US employers added 321,000 jobs in November, a figure that is well above analysts' forecast of around 225,000 new jobs, figures from the Labor Department published today (December 5th) show. The large gains come after the economy expanded from April through September at its fastest pace in 11 years. It is the latest signal that the United States's economy is on the path to a solid and steady recovery.
The Labor Department says the unemployment rate remained at a six-year low of 5.8 per cent. Job gains have averaged 241,000 a month this year, putting 2014 on track to be the strongest year for hiring since 1999.
Several delivery firms have announced large recruitment plans, including UPS, which said it expects to add up to 95,000 seasonal workers, up from 85,000 last year. FedEx also plans to hire 50,000, up from 40,000.
The National Retail Federation estimates that seasonal retail hiring could grow by about four per cent to as much as 800,000, the BBC reports.
The number of Americans filing new claims for unemployment benefits also fell last week. Initial claims for state unemployment benefits dropped by 17,000 to a seasonally adjusted 297,000 for the week ended November 29th, the Labor Department said.
In addition,the Conference Board Leading Economic Index (LEI), an index of US leading indicators, increased by 0.9 per cent in October, following a 0.7 per cent increase in September - beating forecasts.
It was also revealed that US inflation was stable, with consumer prices unchanged in October, as low gasoline costs continued to keep inflation at bay.
The Standard & Poor’s 500 (SPX) Index gained 0.1 per cent to 2,073.52 at 10:04 ET today in New York. The Dow Jones Industrial Average rose 0.1 per cent to 17,924.63
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.