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US unemployment rate falls to 5-year low of 7 percent as employers add 203,000 jobs

A fourth straight month of solid hiring cut the U.S. unemployment rate to a five-year low of 7 percent in November, an encouraging sign for the economy.

The Labor Department says employers added 203,000 jobs, nearly matching October's revised gain of 200,000. The job gains helped lower the unemployment rate from 7.3 percent in October.

The strengthening job market is likely to fuel speculation that the Federal Reserve may start to scale back its bond purchases when it meets later this month.

The economy has now generated an average of 204,000 jobs from August through November. That's up from 159,000 a month from April through July.

Many of the November job gains were in higher-paying industries. Manufacturers added 27,000 positions, the most since March 2012. Construction firms gained 17,000.

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