And, U.S. employers added a net 120,000 jobs in November, a significant improvement from the previous month’s gain of just 80,000.
In the past three months, the economy has added an average of 114,000 net jobs each month, barely enough to keep up with the population growth.
But the good news comes on the heels of a discouraging report on jobless claims released Wednesday.
Weekly applications for unemployment benefits rose by 6,000 to 402,000 in the week that ended Nov. 26, according to the Department of Labor.
With 14 million Americans out of work, the economy needs to add about 250,000 jobs a month to substantially bring down the unemployment rate even more, according to economists.
And Europe's financial crisis threatens to slow U.S. growth next year, which could mean bad news for President Obama, whose re-election chances hinge on an improved economy.
But in a sign that the economy is on the right track, private employers added 206,000 jobs last month, the largest gain since last December, according to payroll provider ADP.
There was also a robust start to the holiday shopping season, with a record number of Americans flocking to malls and retail stores across the country. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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