MercoPress. South Atlantic News Agency

US November employment market remained strong

The Untied States economy added 132.000 jobs in November showing the economy's resilience as housing and manufacturing continues to slump, according to the latest release from the Labor Department.

However the unemployment rate rose to 4.5% from October's 4.4% five year low.

Figures seem to back Federal Reserve Chairman Ben S. Bernanke's assurances that the US economy will continue to expand and even pick up next year. Policy makers, who lifted borrowing costs for two years through June, are expected to keep the benchmark interest rate at 5.25% next week.

Analysts said the data showed that the US economic slowdown remained mild.

November's extra 132.000 jobs were a marked improvement from the 79.000 new positions in October, and higher than market predictions of 110.000.

Analysts said a main factor in the unemployment rate going up was thousands of jobseekers re-entering the labor market looking for work ahead of the key holiday season. Overall the figures show that the US jobs market remains in good shape despite a definite slump in the housing sector and weak American car sales.

Countering some of the optimism, the University of Michigan said consumer confidence waned this month. The university's index of sentiment declined to 90.2, from 92.1 in November. The measure has averaged 87.2 this year.

Employment in service-producing industries, which include retailers, banks and government agencies, rose 172.000 last month after an increase of 141.000 in October, according to the report.

Manufacturers shed 15.000 jobs last month. The manufacturing workweek fell to 41.1 hours from 41.2 in October and overtime fell to 4.2 hours.

Builders eliminated 29.000 jobs, the most in more than three years, after cutting 24.000 jobs in the prior month.