US unemployment rate falls to nine-year low

The US unemployment rate fell to a nine-year low in November, adding to expectations that US interest rates will rise later this month.

Figures from the Labor Department showed the US economy created 178,000 jobs in November, while the jobless rate fell to 4.6% from 4.9% in October.

The data adds to recent evidence of healthy growth in the economy, although wage growth was weaker than expected.

Most analysts think the Federal Reserve will raise rates at its next meeting.

“This was the last hurdle on the path to a December hike, and it has been cleared convincingly,” said Luke Bartholomew, investment manager at Aberdeen Asset Management.

“It is now incredibly hard to imagine what would stop the Fed from going [for a rate rise].”

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