ANOTHER GREAT JOBS REPORT …
Making American jobs great again … There were 228,000 payrolls added in November, and the unemployment rate remained at a low 4.1% and Payrolls for September and October were revised higher by a combined 3,000 jobs. According to the Department of Labor,
The unemployment rate held at 4.1 percent in November, and the number of unemployed persons was essentially unchanged at 6.6 million. Over the year, the unemployment rate and the number of unemployed persons were down by 0.5 percentage point and 799,000,
respectively. (See table A-1.)
Among the major worker groups, the unemployment rate for teenagers increased to 15.9 percent in November. The jobless rates for adult men (3.7 percent), adult women (3.7 percent), Whites (3.6 percent), Blacks (7.3 percent), Asians (3.0 percent), and Hispanics (4.7 percent) showed little change. (See tables A-1, A-2, and A-3.)
- Nonfarm payrolls grew by 228,000 in November and the unemployment rate held steady at 4.1 percent. Economists expected 200,000 new jobs and an unchanged headline rate.
- Wage growth again disappointed, with average hourly earnings up just 2.5 percent annualized, compared with estimates of 2.7 percent.
- Investors still expect the Fed to hike interest rates at its meeting next week.
Nonfarm payrolls rose by 228,000 in November while the unemployment rate held steady at 4.1 percent as the U.S. economy continues to hum along, the Labor Department reported Friday.
Economists surveyed by Reuters had expected nonfarm payrolls to grow by 200,000.
“The November employment data is largely as expected. For an expansion that began in mid-2009, no negative surprises are welcome,” said Mark Hamrick, senior economic analyst at Bankrate.com. “The lingering impacts of recent hurricanes and flooding have reverted back to relative calm in the statistics, meaning that this is a ‘cleaner’ number.”
The biggest November job gains came in professional and business services [46,000], manufacturing [31,000] and health care [30,000]. In total, goods-producing occupations rose by 62,000. Construction saw a gain of 24,000, almost all of which were specialty trade contracts, a profession that has added 132,000 jobs over the past year.
Heading into the holiday season, retail jobs also grew by 18,7000.