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Jobs Report Disappoints

The economy produced fewer jobs in November than experts were expecting. However, the unemployment rate…

  • December 25, 2018

The economy produced fewer jobs in November than experts were expecting. However, the unemployment rate remained unchanged, unemployment claims are down and wages are up. So, the overall picture remains bright.

Total nonfarm payroll employment increased by 155,000 in November, and the unemployment rate remained unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported last Friday.

Economists had been expecting to see around 190,000 new jobs, so this was disappointing.

Job gains occurred in health care, in manufacturing, and in transportation and warehousing.

In November, average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents to $27.35. Over the year, average hourly earnings have increased by 81 cents, or 3.1 percent.

Average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $22.95 in November.

In November, the unemployment rate was 3.7 percent for the third month in a row, and the number of unemployed persons was little changed at 6.0 million. Over the year, the unemployment rate and the number of unemployed persons declined by 0.4 percentage point and 641,000, respectively.

After revisions, job gains have averaged 170,000 per month over the last 3 months.

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