U.S. economy adds 203,000 jobs; unemployment rate falls to 7%

U.S. economy adds 203,000 jobs; unemployment rate falls to 7% 

 The U.S. economy generated 203,000 jobs in November and the unemployment rate fell to 7.0% from 7.3%, the government said Friday. The drop in unemployment largely reflects the return of federal workers after the end of the government shutdown in October, ( Umm ya sure ) but the jobless rate is now at the lowest level since November 2008. The latest employment reports offers further proof that hiring picked up in the fall after a midsummer slowdown, suggesting the U.S. economy will continue to grow at a moderate pace. Economists surveyed by MarketWatch had expected a gain of 180,000 nonfarm jobs. Hiring in November was strong in most industries, including transportation and warehousing, professional and business services, manufacturing, health care, construction and retail, the Labor Department said. The federal government cut employment again and has shed 92,000 jobs in the past 12 months. Average hourly wages, meanwhile, rose 4 cents to $24.15 while the average workweek edged up 0.1 hour to 34.5 hours. The civilian participation rate rose to 63.0% from 62.8%. Employment gains for October and September, meanwhile, were little changed overall. The number of new jobs created in October was trimmed to 200,000 from 204,000, while September's figure was raised to 175,000 from 163,000.