UPDATE - US adds 199,000 jobs in November, higher than estimates

UPDATES WITH PRESIDENT JOE BIDEN'S COMMENTS

By Ovunc Kutlu

ISTANBUL (AA) – The US economy added 199,000 jobs in November, higher than market estimates, the Labor Department announced on Friday.

The market expectation for nonfarm payrolls was to show a gain of 180,000 in November.

Job additions for October were unrevised at 150,000 according to data from the Bureau of Labor Statistics.

The unemployment rate, however, fell to 3.7% in November, from 3.9% in October.

The market estimate for the figure was to come in at 3.9%.

The number of unemployed people, in addition, fell to 6.3 million last month, from 6.5 million the month before, according to the Labor Department.

President Joe Biden said the American economy has created a total of more than 14 million jobs since he took office.

"The unemployment rate has remained below 4% for 22 months in a row, and inflation has fallen by two-thirds," he said in a statement released by the White House.

"But I know prices are still too high for too many Americans. So my top economic priority is to lower costs for hardworking Americans," he added.

The president listed some of the objectives his administration is trying to achieve as bringing down prescription drug costs, health insurance premiums, and utility bills, in addition to trying to eliminate junk fees of some banks, airlines and other companies on consumers.