WASHINGTON—U.S. employers hired at a steady clip in November while the unemployment rate fell to the lowest level in nine years, signs of enduring labor-market growth that will likely leave Federal Reserve officials on track to raise interest rates later this month.
Nonfarm payrolls rose by a seasonally adjusted 178,000 in November from the prior month, the Labor Department said Friday. September’s nonfarm payrolls were revised up to a gain of 208,000 and October’s tally down to 142,000, a net decrease of 2,000.
The unemployment rate dropped to 4.6% last month from 4.9% in October as some people found jobs while even more dropped out of the workforce. At 4.6%, the headline figure is the lowest since August 2007.
[......]
Average hourly earnings for private-sector workers declined 3 cents from October, or 0.1%, to $25.89 in November.
“This should prove temporary, as more reliable wage measures have drifted higher in response to growing worker shortages,” said Sal Guatieri, senior economist at BMO Capital Markets.
Indeed, wage gains had been accelerating this year as competition for workers intensified. In November, earnings were up 2.5% from a year earlier, a small step down from October’s 2.8%, which was the strongest annual wage growth since June 2009.
The unemployment rate, meanwhile, reflected mixed underlying trends.
More people found jobs. But more than 400,000 Americans dropped out of the labor force last month, likely a reflection of an aging workforce as well as some younger workers either giving up, going to school or staying home to care for dependents.
[......]
more than 400,000 Americans dropped out of the labor force last month, likely a reflection of an aging workforce
The numbers, no doubt, available at 100 or more sources.Subscription link.
This Gaurantees a Fed Rate Rise in December, and probably a few more in 2017.
Trump will be taking over a pretty strong economy.
Though part of the unemployment fall is Boomers dropping out of the Workforce: a demographic problem that really isn't solvable, at least by mass immigration of low wagers.
And why "4%" growth isn't likely without counterproductive hyper-stimulus.
U.S. Nonfarm Payrolls Rose 178,000 in November; Unemployment Rate Falls to 4.6%
Federal Reserve is likely on track to raise interest rates later in December
By JEFFREY SPARSHOTT
Updated Dec. 2, 2016 9:53 a.m. ET
U.S. Nonfarm Payrolls Rose 178,000 in November; Unemployment Rate Falls to 4.6% - WSJ
The numbers, no doubt, available at 100 or more sources.
Not in dispute.
Feel Free to discuss them.
and if one Searches the title of the article through google, it will almost certainly enable you to see/read it, as google referrals (a different link to same article) are almost never turned down even by paysites.
In fact, I do it when my subscriptions run out at several sites including Barron's and the WSJ.
PreciselyBecause of the Boomers that is going to happen for the next 10 years. Nothing anyone or anything can do to stop it. When a large generation like the Boomers gets older and starts to retire, the 'dropped out of the workforce' number will go up. IIRC that number started to go up about 2007, just when the 1st Boomers started to retire.
Anyway everywhere I go now there are help wanted signs in the windows, parking lots, store doors, etc. Everywhere. The last time I seen it like this was mid-90's.
It might bring about a long overdue tightening on monetary/interest rate policy, but that is not justified by the numbers. They have been and remain are rather lethargic. It is a pity that we have not improved our balance sheet during the low interest rate period. As it stands, we can only pray that rising rates do not impact the economy too much.
Precisely
People have been Blaming Obama for the 'slow' recovery, but with 10,000 Boomers a day retiring, one really couldn't expect much better than we've done: The longest recovery.
And the rest of the First World, Europe and Japan, are in even worse Demographic shape: dead in the water/Fertility off a cliff for 10-20 years.
So it's really hard to grow at "3-4%"/"4%" with that domestic and international Headwind.
We have consistently had the strongest economy of any large nation in the developed world since the financial crisis.
Because of the Boomers that is going to happen for the next 10 years. Nothing anyone or anything can do to stop it. When a large generation like the Boomers gets older and starts to retire, the 'dropped out of the workforce' number will go up. IIRC that number started to go up about 2007, just when the 1st Boomers started to retire.
Anyway everywhere I go now there are help wanted signs in the windows, parking lots, store doors, etc. Everywhere. The last time I seen it like this was mid-90's.
That is interesting about the help wanted signs. It is not, however, necessarily as significant as it might appear. The jobs being lost are quite probably as you say Baby Boomers. They were again probably relatively high end jobs. That is not the kind you advertise for in the shop window. But I do agree that it would be nice, if your take is right. The mid 1990' were a very GoGo time of Champagne, Porsches and irrational exuberance. Why we would have collectively voted in Trump under those circumstances does remain a mystery to me.
Not a fan of the zero interest rate policy. It seems to be the last tool in the toolbox. Once you go to zero...it seems like we lose the train conductor.
We've had the worst GDP growth in American history under Ibama.
There ya go... spin good news into bad. :lol:
This Gaurantees a Fed Rate Rise in December, and probably a few more in 2017.
Trump will be taking over a pretty strong economy.
Though part of the unemployment fall is Boomers dropping out of the Workforce: a demographic problem that really isn't solvable, at least by mass immigration of low wagers.
And why "4%" growth isn't likely without counterproductive hyper-stimulus.
U.S. Nonfarm Payrolls Rose 178,000 in November; Unemployment Rate Falls to 4.6%
Federal Reserve is likely on track to raise interest rates later in December
By JEFFREY SPARSHOTT
Updated Dec. 2, 2016 9:53 a.m. ET
U.S. Nonfarm Payrolls Rose 178,000 in November; Unemployment Rate Falls to 4.6% - WSJ
216,000 people left the work force in November. How is that good news?
Unemployement is down to 4.6%. That is why. Mbig stated earlier why so many are leaving the workforce. It's called RETIREMENT. Why do you hate retirees?
It's down because there's a record number of people who are no longer in the work force. The Left is cooking the books. The most important part, is that America has seen how big of a failure the Liberal agenda is and we're no longer going to tolerate it.
I see you bring nothing and just scream... IT'S ALL A BIG CONSPRIACY!11!11!!!!
Yeah, that'll work for ya. No facts can penetrate your info bubble. Congratulations!
Not a fan of the zero interest rate policy. It seems to be the last tool in the toolbox. Once you go to zero...it seems like we lose the train conductor.
Oh there is no doubt most of the 'help wanted' jobs I am seeing are 'service' jobs. And many service jobs are lower paying jobs. We've been a service economy for 20+ years, that's not going change.
We can't have any good economic news just now, so it has to be ignored.This Gaurantees a Fed Rate Rise in December, and probably a few more in 2017.
Trump will be taking over a pretty strong economy.
Though part of the unemployment fall is Boomers dropping out of the Workforce: a demographic problem that really isn't solvable, at least by mass immigration of low wagers.
And why "4%" growth isn't likely without counterproductive hyper-stimulus.
U.S. Nonfarm Payrolls Rose 178,000 in November; Unemployment Rate Falls to 4.6%
Federal Reserve is likely on track to raise interest rates later in December
By JEFFREY SPARSHOTT
Updated Dec. 2, 2016 9:53 a.m. ET
U.S. Nonfarm Payrolls Rose 178,000 in November; Unemployment Rate Falls to 4.6% - WSJ
Does this include the 1000 jobs Trump just "saved" by giving a company 7 million dollars from the tax payer?
Trump will bring the rust belt back.
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