“U.S. Experiences a Booming Job Market in November – Unemployment Rate at 3.7%

The US economy continues to show signs of recovery, with the US adding an estimated 199,0000 jobs in November. This marks the 113th month of consecutive job growth since the Great Recession. The unemployment rate fell to 3.7% from 3.9% in October and only 1.2% above the record low of 2.5% from October of 2019. The job gains were spread across a variety of sectors. The biggest percentage gains were seen in professional and business services (+58,000 jobs), leisure and hospitality (+55,000 jobs), and healthcare (+40,000 jobs). These gains were partially offset by losses in government (-11,000 jobs) and retail trade (-37,000 jobs). The wage growth also remained relatively slow, with average hourly earnings for all employees on private payrolls increasing by 4 cents to $28.62. This is an increase of 3.1% over the year and below economists’ estimates of 3.4%. Overall, the US economy continued to show expansionary signs in November, with the addition of 199,000 jobs. Despite some losses in government and retail, job gains were seen in numerous other industries such as professional and business services, leisure and hospitality, and healthcare, which bode well for the economy’s future. Still, wage growth remains subpar, a sign that the economy could continue to be in a fragile state for a while longer.