The Economy Added 228000 Jobs in November As Unemployment Held Steady

201520162017k3002001000Change in jobs228,000Nov.                
      
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201520162017k3002001000Change in jobs228,000Nov. 201520162017k3002001000228

Within the construction industry, jobs for specialty trade contractors increased by 23,000 last month.

September's figures, after being reported in the negative after the storms rose to 38,000 from 18,000.

Economists remain puzzled that wages are not rising more rapidly, given the strong labour market.

The federal report added that among the major worker groups, the unemployment rate for teenagers increased to 15.9 percent in November, while the jobless rates for adult men, adult women, whites, blacks, Asians, and Hispanics "showed little change".

Average hourly USA earnings rose five cents or 0.2% in November after dipping 0.1% the previous month.

Manufacturing continued to grow last month, adding 31,000 jobs, including: 8,000 in machinery, 7,000 in metal products, 4,000 in computer goods and 4,000 in plastic and rubber wares. Workers also put in more hours last month.

The US government revised data for October to show the economy adding 244,000 jobs instead of the previously reported 261,000 positions. The average workweek rose to 34.5 hours from 34.4 hours in October.

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The unemployment rate stayed unchanged from October at 4.1 percent, the lowest since 2000.

"A six-minute increase in the work week does not sound like much, but given the size of the labor market, it turns out to be significant in terms of output", said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in NY.

Responding to the news, White House Press Secretary Sarah Sanders said, "We're especially pleased to see the manufacturing sector roaring back to life, adding a total of 159,000 jobs since President Trump took office after averaging a loss of more than 1,000 jobs per month during the past year of the previous administration". "This is a sign that the US economy is continuing to heal", he said.

The unemployment rate has declined by seven-tenths of a percentage point this year.

Employment gains in October were boosted by the return to work of thousands of employees who had been temporarily dislocated by Hurricanes Harvey and Irma. But the real value of workers' wages is 6.9 percent less than in 2006, once inflation is taken into account.

The growth in employment was broad in November.

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