Job seekers fill out applications during the 11th annual Skid Row Career Fair the Los Angeles Mission in Los Angeles, California, U.S. on May 31, 2012. REUTERS/David McNew/File Photo

Nonfarm payrolls increased by 178,000 jobs last month after increasing by 142,000 in October, the Labor Department said on Friday. The solid employment gains likely reflect growing confidence in the economy, which has been marked by rising consumer spending and inflation.
The unemployment rate fell three-tenths of a percentage point last month, hitting its lowest level since August 2007, because more people found work as well as dropped out of the labor force. The decline in unemployment was concentrated among men.
Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California, described the jobs report as “solid” and said it would further encourage the Fed to hike rates in mid-December.
“Were it not for the less strong wage growth, this report would have also inclined the Fed to be aggressive about the future path of rates given the strong improvement in the unemployment rate and the decline in the participation …