Good News in Bureau of Labor Statistics’ October & November Jobs Reports
According to the Bureau of Labor Statistics’ October and November Jobs Reports, unemployment remained at its lowest level since 1969 at 3.7%. Here are some other highlights from these reports:
- Total non-farm payroll employment rose by 250,000 in October and 155,000 in November.
- Job gains occurred in manufacturing, health care, construction, and transportation and warehousing.
- Employment in manufacturing rose by 32,000 in October and 27,000 in November.
- Over the year, manufacturing employment has increased by 288,000.
- Average hourly earnings for all employees on private non-farm payrolls rose by 6 cents to $27.35 in November.
- Over the year, average hourly earnings have increased by 81 cents or 3.1%.
Bottom line: the U.S. economy is based on consumer spending, and these reports shows that consumers are growing their purchasing power, a positive indicator for the economy going forward.