Major Update on U.S. Economy

Photo by Mathieu Stern on Unsplash

( – In November, the U.S. Bureau of Labor Statistics (BLS) Employment Situation Summary found that there has been an increase in employment of 199,000. While this number exceeded the expectations of economists, it remained lower than the average monthly increase of 240,000 over the last year.

Many industries witnessed growth in jobs during the month, with healthcare and government jobs being the two sectors with the most growth. Following the end of the United Auto Workers strike, there was also an increase in manufacturing jobs.

In November, the unemployment rate dropped to 3.7 percent, marking a 0.2 percent decrease since October. However, the number of unemployed people in the United States remained approximately the same at around 6.3 million. Since March 2022, the unemployment range has always fallen between 3.4 percent and 3.9 percent.

In the last year, there has been an increase in average hourly earnings of around 4 percent, marking a slight tick down from last month’s 4.1 percent.

Jesse Wheeler, a senior economist at the Morning Consult, noted that the job report shows that the United States labor market continues to be strong. He added that while in recent months the market has cooled down, job growth continues to be high, and the low unemployment rate at 3.7 percent shows that the majority of people who want to be employed are able to find a job. The report also shows an increase in the nominal wage that is consistent with the inflation target of 2 percent.

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