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USA jobs growth beats forecasts in November, but wages fall short

USA jobs growth beats forecasts in November, but wages fall short

The public sector added 7,000 jobs in November with state and local governments posting gains of 1,000 and 9,000 respectively, while federal employment fell by 3,000. The unemployment rate and number of unemployed persons were down by 0.5 percent and 799,000, respectively, over previous year.

As Ben Eisen noted, most attention Friday morning will be on average hourly earnings.

The U.S. added 228,000 jobs in November, according to data released Friday by the Bureau of Labor Statistics, bringing the three month average of new jobs to 170,000.

Fed Chair Janet Yellen has previously said that while the USA labor market is nearing full employment, she remains concerned with low wage growth.

A widely shared concern among market soothsayers rolling out 2018 forecasts is that a sudden spike in inflation might prompt central banks to get serious about tightening monetary policy quickly. Steady and moderate payroll growth is expected to continue for at least the near term. "This will push the unemployment rate below 4% very soon; the trend rate of growth of the labor force is only about 90K per month, though the numbers are very noisy in the short-term".

A global economy hitting on all cylinders comes as USA lawmakers appear close to finalizing a tax overhaul that could add stimulus to domestic growth.

United States workers also put in more hours last month. About a quarter, 27 percent, of small business owners said they raised wages and 17 percent said they planned to increase wages in the coming months.

The unemployment rate held at 4.1 percent in November, and the number of unemployed persons was essentially unchanged at 6.6 million. Leisure and hospitality, the sector most impacted by recent hurricanes, grew by 14,000 jobs last month, a somewhat weaker gain compared to average monthly growth this year before hurricanes Harvey and Irma struck the southern U.S.in late summer.

A broad measure of unemployment and underemployment that includes Americans stuck in part-time jobs or too discouraged to look for work ticked up to 8.0% in November from 7.9% the prior month.

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