Payrolls seen up in Nov, jobless rate steady
WASHINGTON: The U.S. economy probably recorded a second month of solid job gains in November, which would bolster views the labor market is improving even though the activity is not enough yet to lower the unemployment rate.
Nonfarm payrolls likely rose 140,000, with private hiring increasing by more than 100,000 for a fifth straight month in November, according to a Reuters survey. The unemployment rate is forecast to have held steady at 9.6 percent.
Economists said there was a chance payrolls could surprise on the upside, citing a resurgence in retail hiring after a two-year slump. In October, U.S. employment increased by 153,000.The Labor Department will release its closely watched monthly report on jobs at 8:30 a.m. ET. "There is a lot of optimism that the economy is on the rebound and definitely has turned around," said Barbara Byrne Denham, chief economist of Eastern Consolidated in New York. -Afp