In November, the U.S. economy added 199,000 jobs. This is the sixth straight month of growth in job numbers, with the unemployment rate falling to 3.7%.
This number is significantly better than the expectations of most economists. Bloomberg’s survey had projected 185,000 jobs added, and unemployment to remain at 3.6%. This marks the lowest unemployment rate since December 1969.
The growth was widespread amongst multiple sectors of the economy. The bulk of job growth in November came in professional and business services (50,000), education and health services (47,000), and leisure and hospitality (37,000). The manufacturing sector also added 36,000 jobs, the highest in all of 2019.
Even more encouraging, wages are finally beginning to show signs of growth. Wages have risen 3.1% from last year, the most significant increase since the financial crisis. This is a great sign for the economy, as wages have been lagging despite the low unemployment rate.
The last few months of reported job growth are a much needed sign of economic stability for the United States. With wages on the rise, businesses hiring, and the unemployment at record lows, the economic outlook looks bright. It remains to be seen if this trend of job growth can be sustained, but for now, Americans can take solace in the increasingly positive economic news.
