U.S. employers add 321,000 jobs in November, the biggest jump in three years

Jobs well done!

U.S. employers added a robust 321,000 jobs in November — the biggest jump in three years — in a clear sign that the U.S. economy is on the mend and shrugging off a global slowdown.

Economists had expected payrolls to increase by 230,000.

The unemployment rate, which is derived from a separate report, remained at 5.8%.

“The job growth numbers were outstanding,” Guy Berger, U.S. economist at RBS Securities, told the Daily News.

Both the Dow Jones and the S&P 500 hit fresh highs Friday on the news. The Dow closed at 17,959, up .3%, while the S&P closed at 2,075, up .2%.

The rosy jobs report could mean the Fed will raise rates sooner rather than later, which would be a negative for the stock market.

Economists expect the Fed to start to raise rates sometime next year.

But traders on Friday were more focused on the positive economic notes sounded by the report.

“A stronger jobs report signals a stronger economy,” Andrew Nyquist, president of See It Market, told the News.

Alan Diaz/AP Job seekers fill out applications at a job fair in Miami Lakes, Fla., in October.

“This is particularly good for stocks heading into the holiday season as investors look for a ramp-up in holiday sales and a stronger consumer.”

There was a lot to cheer about in the November report.

Hourly wages grew by a better-than-expected 0.4%.

September and October’s jobs numbers were revised, showing 44,000 more jobs created than previously reported.

The underemployment rate — which includes part-time workers who’d rather work full-time and people who have stopped looking for a job but want to work — fell to 11.4%, the lowest since September 2008.

November was the tenth straight month that job growth was more than 200,000.

The jobs added were across the board, with big gains in professional and business services (up 86,000 jobs from October), retail trade (50,000), leisure and hospitality (32,000), health care (29,000), manufacturing (28,000) and construction (20,000).

John Ryding, chief economist at RDQ Economics, said “the breadth of the job gains” is important to note because broad-based gains “are more likely to be sustained.” 

ON A MOBILE DEVICE? CLICK HERE TO WATCH THE VIDEO.