Unemployment Rate ‘Falls’ To 5-Year Low Of 7% As 203,000 Jobs Added; Dow Soars 199 Points

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Unemployment rate falls to five-year low of 7% as 203,000 jobs added; Dow soars 199 points (NY Daily News, Dec 6, 2013):

Employers were hard at work hiring in November, signaling the labor market’s gradual healing continues.

U.S. payrolls expanded by 203,000, the Labor Department reported on Friday, a total well above the gain of 180,000 economists had forecast.

The jobless rate, meanwhile, dropped to a five-year low of 7.0%. It had been expected to tick down to 7.2% from 7.3% in October.

The report also showed about 8,000 more jobs were added to payrolls in September and October than previously thought.

Stocks shot sharply higher on the news, snapping a five-session losing streak. The Dow rocketed nearly 200 points, or 1.3% higher, to close at 16,020.

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