The U.S. economy added 228,000 non-farm payroll jobs in November and the unemployment rate was unchanged at 4.1 percent, according to the latest November jobs report today from the U.S. Department of Labor.
The highest level of job gains in November came in manufacturing (31,000) and healthcare (30,000) with the majority of those healthcare increases (25,000) coming in ambulatory health care services which includes offices of physicians and outpatient care centers.
Job growth in 2017 has averaged has averaged 174,000 per month in 2017, compared with an average monthly gain of 187,000 in 2016.
Job revisions for the October and September were 3,000 higher than reported previously.
September’s job increase was raised up from 18,000 to 38,000 while October’s was revised down from 261,000 to 244,000.
Following the revisions, job growth has averaged 170,000 over the past 3 months.
The labor force participation rate remained at 62.7 percent in November and the average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.5 hours in November.
Average hourly earnings for employees rose .05 cents to $26.55.
During the year, average hourly earnings rose by 64 cents, or 2.5 percent.
The solid job number 0f 228,000 for November will likely bring the U.S. Federal Reserve down the pathway of another rate hike next week during their December monetary policy meeting.
The market is pricing in another .25 percent basis pt. rate hike during next week’s Fed meeting with the U.S. federal funds.
According to PME’s FedWatch tool, the probability of an interest rate hike next week currently stands at 90.2 percent.
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