Jobs DATA 8:30a U.S. gains 203,000 jobs in Novem

Jobs DATA
8:30a U.S. gains 203,000 jobs in November
8:30a U.S. unemployment rate falls to 7.0% from 7.3%
8:30a U6 jobless rate drops to 13.2% from 13.8%
8:30a Average hourly wages rise 4 cents to $24.15
8:30a Average workweek edges up 0.1 hour to 34.5
8:30a October job gain cut to 200,000 from 204,000
8:30a September job gain raised to 175,000 from 163,000
8:30a U.S. consumer spending rises 0.3% in October
8:30a U.S. personal income drops 0.1% in October
8:30a U.S. savings rate falls to 4.8% from 5.2%
8:30a PCE inflation index flat, core up 0.1%

U.S. economy generates 203,000 jobs in November

WASHINGTON (MarketWatch) - 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, 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.

U.S. consumer spending rises 0.3% in October

WASHINGTON (MarketWatch) - Consumer spending in the U.S. rose by 0.3% in October, the Commerce Department said Friday, indicating that Americans continued to spend at a modest rate despite the government shutdown. Personal income fell a seasonally adjusted 0.1%, however. The decline in income - the first since January - stemmed from a plunge in earnings for farmers. Many benefited from a huge balloon payment in September related to a class-action suit against the government for past discrimination against black farmers. Wages and salaries for American workers, however, rose at a steady clip. Economists surveyed by MarketWatch had forecast a 0.3% advance in both spending and personal income. Since incomes fell and spending rose, the personal savings rate dropped to 4.8% from 5.2%. Also, inflation as gauged by the PCE price index was unchanged in October. The core rate excluding food and energy edged up 0.1%. Over the past year, the PCE has risen a scant 0.7% overall and just 1.1% on a core basis.