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Job creation surged in November, with the U.S. economy adding a dazzling 321,000 positions, though the unemployment rate held steady at 5.8 percent.
Economists were expecting 230,000 new nonfarm payrolls jobs for November. The dramatic move was well above the previous average of 222,000 a month over the past year. Professional and business services led the way, with 86,000 new positions, according to numbers from the Bureau of Labor Statistics. Retail also saw 50,000 new hires heading into the holiday shopping season. "One word can describe today's report: Spectacular," said Todd Schoenberger, managing partner at LandColt Capital. "It's clear lower prices at the pump are attributing to the easy beat as consumers are enjoying the extra pocket change while increasing their discretionary budgets."
An alternative measure of job creation that includes discouraged workers and the underemployed edged lower, from 11.5 percent to 11.4 percent. Average hourly earnings rose by 9 cents, for a 2.1 percent year-over-year increase.