U.S. Unemployment Falls to 7% as 203,000 Jobs Added

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Dec. 6 (Bloomberg) -- Bloomberg chief Washington correspondent Peter Cook breaks down the November jobs report on Bloomberg Television’s “In The Loop.”

Peter cook.

Unemployment drops to 7.1%. there is some noise.

203 thousand on the nonfarming payroll, better than our survey number of 185,000. modest revisions combined september and october changes.

We're looking at job gains three out of the last four months better than 200,000 jobs, very stable, very consistent.

In employment rate drops to seven percent, the lowest unemployment rate we have seen since november of 2008, when it was six .8%. the participation rate is up.

Again, what happened here in terms of the drop, we saw a gain in employed in the household survey of 118 thousand, the biggest number we have seen since may, 1984. the unemployed number falling by three under 65,000, including 377,000 of those temporary, laid-off government employees.

They are again, once again on the job.

They were included in the 118,000. so, again, some noise, but it is clean.

They were counted both times, october and november.

The long-term unemployed is unchanged.

A big improvement in the household survey.

Big hiring numbers for transportation and warehousing.

Manufacturing up 27,000, the best month since march, 2012. healthcare up 28,000. one area of weakness, financial activity is down 3000. the average weekly hours are up 34.5. the bottom line, moore improvement, more traction in the labor market.

The unemployed rate will get the attention of the federal reserve and start paper -- taper talk.

It is getting the attention of the markets.

Alix steel, do we see a rally?

A little bit of a rally.

It looks like investors are taking good news as good news.

Typically, you might think of good jobs number, perhaps the fed will taper, and that will be negative.

We are not seeing that in the equity market.

The treasury yields rising above 2.9% for the 10-year.

On currencies, it is all about the stronger dollar.

If the economy is getting that are, the dollar will appreciate

This text has been automatically generated. It may not be 100% accurate.

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