This November employers added 120,000 jobs, as retail market optimism led private-sector hiring increases. The unemployment rate dropped to 8.6%, the first time under 9% since March. Markets were strong this week, and unemployment numbers were aided by strong gains in manufacturing and auto sales, as well as encouraging Black Friday sales showing signs of increased consumer confidence. On Friday, Federal Reserve Bank of Philadelphia President Charles Plosser noted, “the economy is on a moderate slog out of recession.” Business investment and exports are continuing to rise, and the week ended with the Dow at 12019.42, as August fears of a double-dip recession have faded slightly.
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