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In a surge of new hiring in November, the Department of Labor reported 321,000 jobs were created, the largest such hiring in nearly three years. This latest report proves the U.S. economy is out performing many of the developed economies in the world.

Bloomberg News reported the 321,000 advance in payrolls followed a 243,000 increase in October that was stronger than previously reported, Labor Department figures showed today in Washington. The jobless rate held at a six-year low of 5.8 percent and earnings rose by the most since June of last year.

“It’s pretty impressive,” said Ethan Harris, co-head of global economics research at Bank of America Corp. in New York. The jump in payrolls “is the kind of number you get in a booming economy.”

Inside the Labor Department’s reporting the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 2.8 million in November. These individuals accounted for 30.7 percent of the unemployed. Over the past 12 months, the number of long-term unemployed declined by 1.2 million.

The part time labor force changed little in November and remained steady at 6.9 million workers, these are individuals who would like full time employment but could only find part time employment.

The Labor Department reported that there were broad gains throughout the economy with gains in professional and business services, retail trade, health care, and manufacturing.

The question is how will the Federal Reserve respond to the better then anticipated employment report? The Federal Reserve has pumped in over $4 trillion dollars in its “bond buy back” program to keep interest rates near zero in an attempt to stimulate the economy.

The New York Times reported the nascent labor market strength makes it more likely the Federal Reserve will start raising short-term interest rates sooner rather than later. Most economists expect the central bank to increase interest rates in mid-2015, after leaving them near zero since the depths of the financial crisis in late 2008. Some now argue that the Fed may move to raise its key interest rate lever as early as March next year, but most are still sticking with midyear.

The Times continued, As positive as the figures for November were, one month’s data probably isn’t enough to shift the Fed’s thinking, said Guy Berger, chief United States economist at RBS. “You’d have to see these kinds of number over the next three or four months, then March comes into play,” he said. “Our view now is that the first rate hike will come in June.”

This was good news for the economy and if the trend continues will be good news for the broader economy, but one also has to temper with the other less than stellar economic news which came out this week.

First, the U.S. now has an $18 trillion dollar debt, and China surpassed the U.S. as the world’s largest economy.  To really get a gauge on the true strength of the economy, one will have to wait until the end of winter 2015, as the continued implementation Obamacare hits the economy.

First, the employer and individual mandates take effect next year. Businesses with over 100 employee’s will now have to provide healthcare coverage in line with provisions with Obamacare then in 2016 it drops to businesses with 50 employees.

The individual mandate takes effect where individuals filing there taxes will pay a fine if they don’t have health insurance, and then fine goes up each year.

Finally, health premiums will rise on average of 15% for many families, so again we will not know the true strength of the economy until after the holiday season and the continued implementation of the Affordable Care Act.