Solid Hiring Lowers Unemployment Rate

WASHINGTON (AP) — U.S. employers added a healthy 199,000 jobs last month and the unemployment rate fell, fresh signs that the economy could achieve an elusive “soft landing,” in which inflation would return to the Federal Reserve’s 2% target without causing a steep recession. The unemployment rate dropped from 3.9% to 3.7%, not far above a five-decade low of 3.4% in April. The jobless rate has now remained below 4% for nearly two years, the longest such streak since the late 1960s. Last month’s job gain was inflated by the return of about 40,000 formerly striking auto workers and actors, who were not at work in October but were back on the job in November.