The U.S. Labor Department’s jobs report released on Friday showed accelerated hiring and unemployment at a 50-year low.
Employers added 266,000 jobs for the month of November, surging past expected gains and continuing growth from October, which saw 156,000 new hires.
The unemployment rate fell to 3.5%, the same as in September of this year and matching the lowest rate since 1969, according to the Labor Department’s report.
“It's a significant surprise because economists were ready to go with the idea that payroll growth was slowing down because the job market had gotten tight,” Stephen Stanley, chief economist for broker-dealer Amherst Pierpont, told Bloomberg. “The whole tenor has changed in terms of job growth. We're back at steady-as-she-goes at a robust pace.”
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