WASHINGTON (AP/WCBD) – U.S. employers added a robust 228,000 jobs in November, a sign of the job market’s enduring strength in its ninth year of economic recovery.
The Labor Department says the unemployment rate remained at a 17-year low of 4.1 percent.
The economy is expanding at a healthy pace, and in many cases employers are scrambling to hire enough qualified workers. Over the past six months, growth has exceeded an annual rate of 3 percent, the first time that’s happened since 2014. Consumer confidence has reached its highest level since 2000.
Healthy hiring and a low unemployment rate have yet to push up wages, which rose 2.5 percent in November compared with a year earlier. The last time unemployment was this low, wages were rising at a 4 percent rate.
U.S. Secretary of Labor Alexander Acosta issued the following statement on the November 2017 Employment Situation report:
November’s jobs report shows steady growth fueled by optimism about the pro-growth, pro-jobs policies being advanced by President Trump’s Administration. Last month, the American economy added 228,000 jobs. Since January, the economy has added 1.7 million jobs.
“The unemployment rate remains at a 17-year low of 4.1%. The unemployment rate in manufacturing dropped to 2.6%, the lowest ever recorded. The unemployment rate among Hispanics dropped to 4.7%, the lowest ever recorded. The unemployment rate for individuals with less than a high school diploma dropped to 5.2%, also the lowest ever recorded. While the unemployment rate remains low, wage growth at 2.5% is below expectations. Stronger wage growth will put more dollars in the pockets of working Americans.
“For two consecutive quarters, GDP growth topped 3%. Consumer confidence is at a 17-year high.[1] Since Election Day, November 2016, the Dow Jones Industrial Average has moved from 18,000-plus to over 24,000, an increase of more than 30%. This economic growth has increased the value of Americans’ 401(k) and retirement accounts.
“Job creation, wage growth, and retirement savings drive prosperity and financial security. Strong growth in all is necessary.