U.S. Unemployment Hits Five-Year Low

The national unemployment rate fell to 7 percent in November, the Labor Department said Friday. November's unemployment rate is the lowest the U.S. has seen in five years.

U.S. payrolls rose by 203,000 last month, with the unemployment rate dropping three-tenths of a percentage point to 7 percent.

Economists surveyed by Dow Jones Newswires had forecast nonfarm payrolls would rise by 180,000 and the unemployment rate would drop to 7.2 percent. September and October payroll numbers were revised up by a combined 8,000.The September jobs number was revised from 163,000 to 175,000, while the October tally was changed from 204,000 to 200,000.

This is a very strong report, Christian Weller, senior fellow at the Center for American Progress, said on CNBC. This is a good basis to grow from and I think if leaders in Congress come to an agreement next week, pass a budget resolution and get the debt ceiling off the table, I think you can see real economic growth being unleashed.