November's job growth reaches record high for first time in three years

Paul Davidson --- USA Today 

The labor market surged in November as employers added 321,000 jobs — the largest one-month gain in nearly three years, the Labor Department said Friday.

The unemployment rate was unchanged at 5.8%.

Economists surveyed by Action Economics had estimated that 225,000 jobs were added last month.

The report, released at 8:30 a.m. ET, drove up stocks as the markets opened Friday.

Businesses added 314,000 jobs, powered by broad-based gains in professional and business services, retail, health care and manufacturing. Federal, state and local governments added 7,000.

The Labor Department revised up job gains for September and October up by a total 44,000. September's count was revised to 271,000 from 256,000 and October's to 243,000 from 214,000.

Jobs added last month were the most since January 2012 and only the second time this year that one-month gains exceeded 300,000.

Some other labor market indicators were also positive. The average work week rose to 34.6 hours from 34.5 hours, which could mean continued strong hiring lies ahead.

Click here to read more.