Economy Added 321,000 Jobs in November
Posted on December 5, 2014
The U.S. economy added 321,000 jobs in November. This was the biggest monthly job increase in three years. The unemployment rate held steady at 5.8%.We should really be seeing these +300,000 months every month but at least we finally have one month that is decent. The average monthly gain over the past twelve months has been 224,000.
The Bureau of Labor Statistics says in its report that job growth was widespread over several industries. Professional and business services had the strongest growth and added 86,000 jobs in November. The retail trade industry added 50,000 jobs, which is what it should be doing this time of year as consumers start hitting malls and shopping websites. Health care added 29,000 jobs in November and manufacturing added 28,000. Other industries adding over 20,000 jobs in November included food services which added 27,000 and construction which added 20,000.
On the negative side of the jobs report the number of people unemployed did not change much and remains around 9.1 million. The number of long-term unemployed was also little changed. The number of discouraged workers - 698,000 - is about the same as it was in November 2013. The Labor Department defines discouraged workers as people who have given up looking for work because they believe there are no jobs available for them at all.
CNN/Money says the monthly jobs numbers for November were strong but people are still not feeling the impact much because wages are still not growing. Take a look: