U.S. economy adds 120,000 jobs in November (by Jeffry Bartash)

WASHINGTON (MarketWatch) - The U.S. gained 120,000 jobs in November and the unemployment rate fell to 8.6% from 9.0%, the Labor Department said Friday. The government also revised jobs data for October and September to show that 72,000 additional jobs were created. Economists surveyed by MarketWatch had forecast a 125,000 increase in employment in November and no change in the jobless rate. About half of the drop in the unemployment rate stemmed from a decline in the number of workers in the labor force. Hiring in October was revised up to 100,000 from 80,000 and the job gains in September were revised up to 210,00 from 158,000. In November, companies in the private sector hired 140,000 workers, with retailers adding 50,000. Government cut 20,000 jobs, the Labor Department said. Average hourly earnings fell 0.1% last month to $23.18 and the workweek was unchanged at 34.3 hours. The broader U6 unemployment rate dropped to 15.6% from 16.2% in October.