Employment Situation Summary
BLS: Employment Situation Summary
During the record breaking 49 consecutive months of steady job growth unemployment has been dropping slowly but steadily and wages have basically been stagnate. Nothing to get excited about. But November’s report was nothing but good news. 321k jobs added in November, with upward revisions of 44k for September and October. Average weekly hours increased as 177k part-time workers got full-time jobs. And an average wage increase of nine cents an hour, a 4.4% annual rate, as apparently the tightening labor market is finally forcing employers to give workers decent raises. Combined with the rapidly dropping price of gasoline, we may finally be in a virtuous cycle in which consumers’ growing purchasing power fuels further employment growth. The economy will add 3 million jobs this year, the most of this century. Merry Christmas, America, Santa thinks you have been very, very good this year!