Unemployment rate falls to 7.0%

The unemployment rate declined from 7.3% in October to 7.0% in November, according to the Employment Situation report from the Bureau of Labor Statistics released Friday morning.

Total nonfarm payroll employment rose by 203,000 with increases in transportation and warehousing, health care and manufacturing, according to the report.

Still, the labor force participation rate remained relatively steady at 63.0% in November. 

Retail trade employment continued to expand in November, up 22,000 jobs. Also, employment in construction continued to trend up in November, with 17,000 additional jobs -- the average over the prior 12 months is 15,000 new jobs.