According research complied by the Bureau of Labor Statistics (BLS), the U.S. economy saw an increase of 228,000 jobs during the month of November.
Surpassing expectations, economists had predicted nonfarm-related job growth between 195,000 and 200,000. Unemployment remained at 4.1 percent.
Signaling the economy is continuing to grow, employment in business and professional services led with over 46,000 jobs added. Manufacturing continued to tick upward, adding 31,000; healthcare witnessed an increase of 30,000 positions filled.
On average, the economy has added 174,000 jobs on a monthly basis since the beginning of the year, down by 13,000 from 2016.
Despite the strong job growth, long-term unemployment remained unchanged at 1.6 million; and the labor participation continued to linger at 62.7 percent, consistent with October.
Similarly, monthly wage growth continued to lag at 0.2 percent (5 cents) from October, to $26.55 per hour, but worker pay grew slightly over the last year by 2.5 percent against a predicted 2.7 percent. The average workweek increased slightly to 34.5 hours a week, up 0.1 percent from last month.
“The jobs number in the report is good news for American workers, but the lack of stronger wage growth is not,” said Navy Federal Credit Union economist Robert Frick. “Without stronger wage growth, higher inflation remains in doubt, and that takes away one reason for the Fed being more aggressive in hiking rates.”
The report also included slight adjustments from the two previous months. Originally reported at 261,000, BLS modifications settled October jobs at 244,000. Data also revealed an employment increase in September, a month in which hurricanes ravaged areas in the U.S., from 18,000 to 38,000.
Upbeat news, economists are predicting the Federal Reserve will raise interest rates when the board convenes on Tuesday, Dec. 12.
[CNBC] [Wall Street Journal] [Photo courtesy Mark Elias/Bloomberg via Wall Street Journal]