|12-06-2014, 07:16 PM||#1|
U.S. economy adds largest monthly job gain since January 2012, wages increase
U.S. nonfarm payrolls topped even the most optimistic forecasts in November, adding 321,000 new jobs, which was the most since January 2012, while wages increased.
The 321,000 gain last month followed a 243,000 increase in October, which was also higher than initially estimated. Analysts had expected an increase of 230,000.
Revisions for September and October added 44,000 more payrolls than previously reported. Unemployment remained unchanged at an six-year low of 5.8%.
This was the tenth straight month the economy added more than 200,000 jobs, marking the longest stint since 1994. This adds more proof the U.S. economy is withstanding the slowdown seen in most developed countries. China and the Eurozone are witnessing a worrying slowdown, and Japan went into recession this year.
Most notably, wages increased. Average hourly earnings climbed 9 cents in November, putting earnings up 2.1% from a year ago.
The average work week added six minutes to 34.6 hours, which could reflect better take-home pay for some workers.
Also, jobs were across the board. Professional and business services employment jumped 68,000, while retail employment increased by 50,200. Government payrolls added 7,000, and manufacturing and construction employment also accelerated in November.
This means that the strong number seen today was not only due to the anticipation of a strong holiday season, but also shows more corporate confidence the economy will weather the global economic slowdown.
Also, the U6-Unemployment, which measures the number of people who are looking for work but have given up the search, and those who work part-time because they cannot fund full-time opportunities slipped to a 6-year low of 11.4%.
The report also showed long-term unemployment is also decreasing.
The streak of positive data from the U.S. economy is brining the Federal Reserve closer into raising interest rates, and this particular jobs report showed many indications of a thriving jobs market.
The U.S. dollar soared after the release of the data, gaining 1.19% against the Japanese yen and 0.60% against the Euro.
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