US economy grows at 2.1% as jobless claims drop below 1 million
US economic growth accelerated to 2.5% in November, a far cry from the dismal 3.5%, according to the latest report from the Bureau of Labor Statistics.
The agency also reported that the unemployment rate fell below 1.3 million for the first time since December 2012.
The rate was down from 2.6% in October and a more than 10% drop from October’s record low.
The report also showed that employment grew by 5,000 jobs, a rebound from a 1.4% increase in November.
The Bureau of Economic Analysis reported Friday that manufacturing, which has been one of the strongest sectors of the economy, increased at a 0.6%.
That’s the fastest pace of growth since December of 2013.
The biggest gainers were the services sector, which increased by 2,500 jobs, and health care, which rose by 7,300 jobs.
The economy added an estimated 3.9 million jobs in November compared to the previous month.
The unemployment rate dropped to 1.2 million in November from 2 million in October.
US stocks rose Thursday after President Donald Trump declared a nationwide national emergency for the third time in four months.
Shares in Caterpillar Inc. surged more than 1% to $9.80, the highest close in more than four years.
Giant chipmaker Intel Corp. surged 1.5%.
The Nasdaq composite rose 0.3%.