Jobs report better than expected
CNN's Alexandra Field looks at a better than expected jobs report for November.

Well, it’s a big leap actually getting a paycheck instead of working for a minimum wage. I mean I can actually do stuff now. Jeff Delorenzo graduated from Rodgers University with a degree in engineering. He was underemployed for a year, serving coffee before come full time job in his field at Flexline, an engine new jersey manufacturer. We figured that there was a great potential there, and an engineering degree and we grabbed him.
Young people like Delorenzo and the recently unemployed are reaping the benefits of an economy that’s adding jobs. The latest jobs report puts the national unemployment rate at a 5 year low of 7%. 203,000 jobs were created in November and more of them are in higher paying sectors.
We saw, you know the predictable retail jobs in leisure and hospitality, bars and restaurants because of the holidays. But we also saw things like manufacturing; we saw things business and professional services, again tend to pay a bit more money, so these were broad base job gains this month. And that’s important.
The November jobs report was better than expected. For a 3rd year in a row, more than 2 million jobs are being created. Still that’s not enough to make up for the 9 million jobs loss between 2008 and 2009.
Did you think it was gonna be difficult to find a job?
To be completely honest, no, I thought I was going to be handed a job, I thought people were going to be asking me to have a job.
In the last year, employment dropped nearly a 4 percentage point, but 11 million people are searching for jobs and the long-term unemployed are struggling the most. In some places people are fighting for work. Last month, Walmart opened 2 stores in Washington DC, there were 600 job openings, and 23,000 job applicants.
If you look at that as a rate, that means less than 3% of them would get hired. Harvard has a higher acceptance rate.
Alexandra Field, CNN, New York.