U.S. Economy Adds 211,000 Jobs In November

aaeioThe U.S. economy added 211,000 non-farm payroll jobs in November, slightly higher than the 208,000 forecast from briefing.com while the unemployment rate was unchanged at 5.0 percent, according to a new report today from the Bureau of Labor Statistics.

November’s 211,000 non-farm job gain was close to the average monthly gain of 237,000 over the prior 12 months and puts the U.S. economy on a likely track for an upcoming rate hike, the first one since 2006, during the next Federal Reserve meeting in mid-December.

Over the past 3 months, job gains have averaged 218,000 per month.

Job revisions for September and October were revised 35,000 higher.

September job revision increased to 145,000 from 137,000 and October’s job number was revised to 298,000 from 271,000, marking the highest monthly increase for 2015.

Employment in construction rose by 46,000 in November with the strongest gains coming in residential specialty trade contractors that increased by 26,000.

Professional and technical services added 28,000 jobs and health care employment increased by 24,000.

In November, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $25.25 after a 9 cent gain in October.

The average workweek for all employees on private nonfarm payrolls moved down 0.1 hour to 34.5 hours in November.

The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained unchanged at 33.7 hours.

On Wednesday ADP reported that private sector employment increased by 217,000 in November, higher than the 173,000 forecast from briefing.com

“Job growth remains strong and steady. The current pace of job creation is twice that needed to absorb growth in the working age population. The economy is fast approaching full employment and will be there no later than next summer” said Mark Zandi, chief economist at Moody Analytics in a press release statement.

– Johnathan Schweitzer

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About Johnathan Schweitzer 1468 Articles
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