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US jobless rate falls to 7%

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  • Writer: AFP
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WASHINGTON - The US unemployment rate plunged to a five-year low 7% in November with the creation of 203,000 new jobs, the Commerce Department announced on Friday. 

The sharp drop in the jobless rate, from 7.3% in October, was unexpected and raised the odds that the Federal Reserve could soon begin moving away from its huge stimulus plan.

The job figures follow the announcement earlier this week that third-quarter gross domestic product in the United States expanded by 3.6%, well above earlier estimates of 2.8%.

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