November jobs growth below expectations

The economy's hiring spree since this summer slowed over the past month, with the unemployment rate slipping 5.9 percent in November. Friday's Labor Department report "is like getting just the Christmas present you wanted, but two sizes too small," said Bill Cheney, chief economist for John Hancock Financial Services Inc. U.S. companies added 57,000 new jobs in November to boost payrolls by 328,000 in the last four months, but those figures were much lower than analysts' November expectations of 150,000 new jobs. The jobless rate dropped last month to an eight-month low of 5.9 percent, lower than economists' predictions of a 6 percent hold. Despite the disappointing November figures, many analysts are still optimistic for the economy's recovery. "Many other economic indicators point toward continued job growth well into the new year," said Labor Secretary Elaine Chao in a statement.