The US economy posted a strong job report for November, exceeding analysts’ expectations with 228,000 jobs created against 190,000 expected. The unemployment rate remained steady at its lowest level in nearly 17 years, according to the Department of Labor.
New hires totaled 228,000, above the 190,000 expected by analysts. The unemployment rate remained at 4.1%.
The Department of Labor also slightly revised down job creations for October, 244,000 jobs created against 261,000 initially estimated.
The new report seems to establish the economy’s uptrend after a dismal 38,000 new hires in September. Economists and analysts then attributed the lackluster performance to the impact of several hurricanes that affected several states around the country.
The hiring was accross the board with business services posting 46,000 jobs and construction 24,000. Notably, the manufacturing sector that President Donald Trump has been striving to revitalize posted its best score in four months (31,000).
Health services added more than 40,000 jobs while government hiring remained again after two months in the red (7,000).
The number of unemployed remained around 6.6 million and the number of people forced to work part-time due to the lack of a full-time option remains high at 4.8 million.
Average hourly earnings gained 5 cents or nearly 0.2% over a month, to $ 26.55 at its highest level of the year.
These good figures should comfort the Federal Reserve (Fed) in its intention to raise interest rates next week at its monetary meeting on December 12 and 13.