Unemployment declined to 8.6% in November

The unemployment rate declined to 8.6 percent in November from 9 percent in October, said the Bureau of Labor Statistics on Friday. Economists expected the reading to remain at 9 percent.

"The economy is continuing to head in the right direction," said Millan Mulraine, senior macro strategist at TD Securities in New York. "However, the ultimate test of the sustainability of the recovery is for the economy to create a sufficient number of jobs to sustain a consumer-led rebound in activity."