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November jobs growth solid

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November jobs growth solid

201,000 jobs created, beating estimates.

Total nonfarm payroll employment rose by 211,000 in November, and the unemployment rate remained at 5.0%, the U.S. Bureau of Labor Statistics reported today.  This follows jobs growth of 271,000 in October.

Job growth occurred in construction, professional and technical services, and health care, while employment in mining and information declined over the month.

Consensus estimates had expected an increase of 200,000 new jobs.

The historically low employment participation rate inched up 0.1 percentage point to 62.5%, near its lowest level since the 1970s.

The number of unemployed persons remained unchanged at 7.9 million.

In November, average hourly earnings for all employees on private nonfarm payrolls increased 4 cents to $25.24, and average hours worked per week remained at 34.5 hours.

The November results will likely give the green light to the Fed to raise interest rates this month.  Fed Chair Janet Yellen has indicated that a December hike may be in the cards, and today’s jobs report does nothing to undermine that expectation.

The full report can be found here.

 

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