211,000 New Jobs in November, Wages Up 2.3 Percent

The latest jobs numbers are out from the federal government. What do they mean for job seekers and employers? Here’s a quick take from Glassdoor’s Chief Economist Dr. Andrew Chamberlain: Today’s jobs report revealed a strong and growing U.S. economy in November, with 211,000 new jobs created and the unemployment rate holding steady at 5.0 percent. This year, we’ve seen a general slowing trend in the labor market, with average job growth of 210,000 per month compared to last year’s pace of 260,000. Many economists were afraid the Fed has missed their window to return interest rates to normal levels, and that perhaps the economy was heading for a recession. But today’s report shows the U.S. labor market has tremendous momentum, remaining strong despite slowing growth in Europe and China, a strong U.S. dollar, and tough times for the oil and gas industry. With today’s positive job gains, it’s very likely the Fed with begin raising interest rates at its December meeting. Today’s biggest job gains were in construction (46,000 new jobs), a very positive sign of optimism for the next year. Other big job gains were in leisure and hospitality (39,000 jobs), health care (32,200 jobs), retail (30,700 jobs) and professional services (27,000 jobs), which includes many fast-growing tech jobs. The biggest job losses were in temporary help services (-12,300 jobs), signaling that employers may be relying more on full-time workers. Mining and logging also lost jobs (-11,000 jobs), as did durable goods manufacturing (-6,000 jobs). Slow wage growth has been a topic of debate throughout the current recovery. Today, workers saw average hourly wages grow by 2.3 percent from one year ago—down slightly from last month’s 2.5 percent pace, but on track with the general trend toward rising wages. Today’s positive jobs report makes a much-anticipated December interest rate hike by the Federal Reserve almost certain—a move that markets will be watching closely in the coming months. To speak with Dr. Andrew Chamberlain about today’s jobs report or to discuss labor market trends, contact pr at Glassdoor dot com. For the latest economics and labor market updates, follow @adchamberlain on Twitter.