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:
Employed part-time, but looking for full-time work, is down 416,000 from last year @AFLCIO— William E. Spriggs (@WSpriggs) December 2, 2016
The broadest measure of unemployment, including involuntary part-time and discouraged workers, falls to 9.3% from 9.5% in October @AFLCIO— William E. Spriggs (@WSpriggs) December 2, 2016
Wages fell over the month by 3 cents, and over the year were up only 2.5% without adjusting for inflation. So no room for Fed to act @aflcio— William E. Spriggs (@WSpriggs) December 2, 2016
Revisions to Sept and Oct mean a net revision down of 2,000 jobs for the two months and a 176,000 average gain over 3 months @AFLCIO— William E. Spriggs (@WSpriggs) December 2, 2016
Workers continue to show confidence as quits are up 134,000 from last year @AFLCIO— William E. Spriggs (@WSpriggs) December 2, 2016
Unemployment rate fell for adult men, Black and white, to 7.7 and 3.9% from 8.7 and 4.1% @AFLCIO— William E. Spriggs (@WSpriggs) December 2, 2016
Over the year, unemployment rate for young adults 20 to 24 down from 9.6 to 8.1% @AFLCIO— William E. Spriggs (@WSpriggs) December 2, 2016
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.