Payrolls increased in 43 U.S. states in November and fell in seven as the labor market gained momentum.
California led the nation with a 44,300 gain in employment last month, followed by Texas with 28,700 more jobs, Labor Department figures showed today in Washington.
An improving job market would lay the groundwork for further gains in Americans’ confidence and spending, which accounts for about 70 percent of the economy, during the holiday shopping season. Stronger retail sales provided a boost for business optimism, which may have helped companies to ramp up hiring.
“All the indications that we’re having, outside of jobless claims, point to strong momentum in labor market activity,” Millan Mulraine, deputy head of U.S. research and strategy at TD Securities USA LLC in New York, said before the report. “Businesses have more confidence about the direction for the future, and because of that they will hire and invest at more appropriate levels.”
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