The U.S. economy gained 178,000 non-farm jobs in November and the unemployment rate fell to 4.6 percent, the Bureau of Labor Statistics reported Friday.
The government’s first report on employment since the November election said the unemployment rate, down from 4.9 percent in October, fell to a level not seen since prior to the 2007 recession.
The number of unemployed people fell by 378,000, to 7.4 million; the civilian labor force participation rate remained steady at 62.7 percent and the ratio of employed-to-population held at 59.7 percent. These data have shown little recent movement.
The release of information comes before the Dec. 13 meeting of the Federal Reserve in which the bank is expected to announce an interest rate increase, its first in a year.
Average hourly earnings declined by 3 cents from October to November, the report said, but are still higher than one year ago. Many economists view the wage gains as a sign that workers are demanding higher pay, which increases the possibility of inflation, preventable by an interest rate hike, the Washington Post reported.
In a statement released Friday by the White House, Jason Furman, Chairman of the Council of Economic Advisers, said, “Average hourly earnings for private employees have increased at an annual rate of 2.7 percent so far in 2016, faster than the pace of inflation.
“Nevertheless, more work remains to ensure that the benefits of the recovery are broadly shared, including opening new markets to U.S. exports; taking steps to spur competition to benefit consumers, workers, and entrepreneurs; and raising the minimum wage.”
The report was among the last of President Barack Obama’s administration; in 2009, when he entered office, the U.S. economy was losing 800,000 jobs per month and the unemployment rate was 10 percent.
Nasrallah: Lebanese Forces real agenda is civil war, Hezbollah has 100,000 fighters
Iran says it will hold talks with Russia over military cooperation
Trump sues U.S. House panel investigating Jan. 6 attack
Doug Ford asked to apologize over ‘divisive’ comments about immigrants
Former anti-vaxxer pleads with Quebecers to get vaccinated after almost losing daughter to virus
Science6 days ago
Star Trek’s William Shatner blasts into space
Canada1 week ago
Photos of John Lennon, Yoko Ono’s Bed-in for Peace protest part of Vancouver gallery exhibit
Europe1 week ago
Russian plane crashes, killing 19 and injuring three
Health4 days ago
U.S. FDA panel endorses booster shot for J&J COVID-19 vaccine
Europe4 days ago
Protests greet debut of Italy’s workplace COVID-19 pass rule
Asia4 days ago
Suicide attack on Shiite mosque in Afghanistan kills 47
Canada6 days ago
Canada-U.S. will reopen land border to fully vaccinated visitors in November
U.S3 days ago
Biden: ‘Democracy survived’ U.S. Capitol riot because of police