The Economy Adds 178,000 Jobs in November, and Unemployment Down to 4.6%

The U.S. economy added 178,000 jobs in November and unemployment was down to 4.6%, according to figures released this morning by the U.S. Bureau of Labor Statistics. This continues the recovery of the labor market at a tempered rate. With the report that wage growth moderated in November, it means the Federal Reserve’s Open Market Committee should continue to let the economy grow at this rate and not raise interest rates.

In response to the November jobs numbers, AFL-CIO Chief Economist William Spriggs tweeted:

Last month’s biggest job gains were in professional and business (63,000), health care (28,000), and construction (19,000). Employment in other major industries, including mining, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government, changed little over the month.

Among the major worker groups, unemployment rates in November decreased for adult men (4.3%), while the rates for adult women (4.2%), teenagers (15.2%), whites (4.2%), blacks (8.1%), Asians (3.0%) and Hispanics (5.7%) showed little or no change over the month.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed in November and accounted for 24.8% of the unemployed.