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Strong US jobs report points to Fed rate hike

The US economy pumped out 211,000 new jobs last month, and the previous two months were significantly better than previous estimates, the Labor Department reportedStrong hiring across the US economy in November lent fresh support Friday to the Federal Reserve embarking on a long-awaited series of interest rate hikes later this month. Analysts said it was near certain that the Fed, after keeping policy on hold for months awaiting more evidence of economic strength, would undertake its first rate increase in more than nine years at its upcoming meeting. While the strong November employment data hid some signs of naggingly persistent slack in the market, Fed Chair Janet Yellen made clear this week she believes that will slowly dry up as the economy continues to grow, and was no barrier to a rate increase.

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