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U.S. economy added 321,000 jobs in November; unemployment rate holds at 5.8% U.S. economy added 321,000 jobs in November; unemployment rate holds at 5.8%
(35 minutes later)
The U.S. economy added 321,000 jobs last month, according to government data released Friday morning, in an assertive sign that the labor market is returning to pre-recession health.The U.S. economy added 321,000 jobs last month, according to government data released Friday morning, in an assertive sign that the labor market is returning to pre-recession health.
The unemployment rate kept steady at 5.8 percent, its lowest mark since July 2008.The unemployment rate kept steady at 5.8 percent, its lowest mark since July 2008.
So far this year, the United States has added some 2.6 million jobs — an average of about 240,000 a month — putting the country on track for its best year of job growth in 15 years. So far this year, the United States has added some 2.65 million jobs — an average of about 241,000 a month — putting the country on track for its best year of job growth in 15 years.
Net job growth in November was well above the 223,000 figure predicted by Bloomberg in a survey of economists, good for the best month of the year. For 10 straight months now the economy has added at least 200,000 jobs. That hasn’t happened since 1995. Separately, job growth for October was revised upward, to 243,000 from the original 214,000. Net job growth in November was well above the 223,000 figure predicted by Bloomberg in a survey of economists, good for the best month of the year. For 10 straight months now the economy has added at least 200,000 jobs. That hasn’t happened since 1994. Separately, job growth for October was revised upward, to 243,000 from the original 214,000.
Job growth this year has been remarkably steady, particularly compared with the major losses of 2009 and 2010 and the false starts in the years following, leading some economists to say that the U.S. recovery is finally on solid ground. The numbers suggest that the American labor market is at last nearing full strength, despite concerns about a global economic slowdown. U.S. workers were clobbered by job losses in 2009 and 2010, then pinned down by a series of false starts. But the latest report from the U.S. Department of Labor shows across-the-board growth, coming on the heels of this country’s strongest six-month expansion in more than a decade.
The latest jobs data comes amid a series of promising economic indicators, with the nation on the heels of its strongest six-month expansion in more than a decade. Though wage growth has remained flat — the fly in the recovery’s ointment — plummeting global oil prices amount to a de facto raise for American consumers, who are now spending far less at the pump. In November, the number of long-term employed ticked down. So, too, did the number of workers holding part-time jobs because they can’t find full-time positions. The average American work week rose by 1/10th of an hour, and factory workers are now getting slightly more overtime.
Wages, however, remain the fly in the recovery’s ointment. Private nominal hourly earnings grew at a 2.1 percent annualized rate in November, rising to $24.66, compared with $24.15 one year ago. Adjusted for inflation, wage growth remains essentially flat.
Otherwise, economists say they see encouraging signs. Retail and health care continued to lead the way in job creation, but November also saw strong performances from the manufacturing and professional and business services sector. Importantly, traditional blue-collar jobs are showing signs of recovery. The manufacturing unemployment rate is 4.2 percent, compared with 6.2 percent one year ago.
“When I saw this [jobs] report, I literally gasped,” said James Marple, a senior economist at TD Bank. “Over the last couple of months, I would say the American economy is reaching a real sweet spot. It’s exactly what we’ve been looking for and what we’ve been missing.”
The latest jobs data comes as global oil prices have plummeted in what amounts to a de facto raise for American consumers, who are now spending far less at the pump.
In one sign of labor market confidence, workers have grown more likely to quit their jobs, meaning they’ve either received new employment offers or feel confident they will. According to the Federal Reserve Bank of St. Louis, the “quit rate,” as it is known, now stands at 2.2 percent among private workers. From July 2008 to July 2014 the rate never surpassed 2 percent.In one sign of labor market confidence, workers have grown more likely to quit their jobs, meaning they’ve either received new employment offers or feel confident they will. According to the Federal Reserve Bank of St. Louis, the “quit rate,” as it is known, now stands at 2.2 percent among private workers. From July 2008 to July 2014 the rate never surpassed 2 percent.
In a speech earlier this week, Federal Reserve Bank of New York President William C. Dudley said that U.S. economic growth looks “brighter” and “above the trend of the past five years.” Dudley mentioned declining energy prices and noted that housing prices have recovered, fewer borrowers are underwater, and state and local governments are again hiring after a lengthy period of contraction.In a speech earlier this week, Federal Reserve Bank of New York President William C. Dudley said that U.S. economic growth looks “brighter” and “above the trend of the past five years.” Dudley mentioned declining energy prices and noted that housing prices have recovered, fewer borrowers are underwater, and state and local governments are again hiring after a lengthy period of contraction.