Unemployment rate dips to 5-year low

The U.S. Department of Labor reported that economy added 203,000 jobs in November with strong hiring across the board and the unemployment fell to its lowest rate in five years.

The drop in unemployment to 7.0% from 7.3%, largely reflects the return of federal workers after the end of the government shutdown in October, but the number of people looking for a job also increased. The jobless rate is now at the lowest level since November 2008, according to Labor Department data.

The manufacturing and construction sectors showed improvement in November. Manufacturers added 27,000 jobs — the largest increase since March.

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