Here Is Why the November Jobs Report Puts a December Rate Hike in Play

The economy added 178,000 jobs in November, beating estimates of 170,000. Nick Colas, chief market strategist at Convergex, based in New York, says nonfarm payrolls growth is in the "sweet spot" and puts a December rate hike in focus. The unemployment rate fell to 4.6% from 4.9%, while average hourly wages rose 2.5% over the past 12 months. September's jobs figures were revised higher to growth of 208,000 positions, compared to a previously reported 191,000. The Federal Reserve's next meeting is in mid-December. TheStreet's Scott Gamm reports from Wall Street.