US jobless rate falls to five-year low in November

The US unemployment rate fell to a five-year low of 7% in November, according to the US Labor Department.

Payroll figures also showed that 203,000 jobs were created last month, more than predicted, as the US economy displayed encouraging signs of strength.

US markets cheered the news, with the Dow Jones Industrial Average spiking nearly 200 points.

The monthly non-farm payroll figure is watched closely by economists.

Analysts say these indications of strong growth could mean that the Federal Reserve will start to unwind its massive stimulus programme soon.