US adds 321K jobs in November; Increase is most in nearly 3 years
Published 8:31 am Friday, December 5, 2014
WASHINGTON — A burst of U.S. hiring in November — the most in nearly three years — added 321,000 jobs and provided the latest evidence that the United States is outperforming other economies throughout the developed world.
In addition, the government said Friday that 44,000 more jobs were added in September and October combined than it had previously estimated. Job gains have averaged 241,000 a month this year, putting 2014 on track to be the strongest year for hiring since 1999.
The unemployment rate remained at a six-year low of 5.8 percent.
November’s robust job growth, reflecting a steadily rising economy, could make it likelier that the Federal Reserve will start raising interest rates by mid-2015 as many economists have speculated. The Fed has kept its key short-term rate at a record low near zero since 2008 to support the economy.
The job gains last month coincided with a sharp increase in workers’ pay. The average hourly wage rose 9 cents to $24.66, the biggest gain in 17 months. Still, over the past 12 months, hourly pay has risen just 2.1 percent, barely above the 1.7 percent inflation rate.
Hiring last month was broad-based but was particularly concentrated in retail, temporary services and transportation and warehousing. Those increases likely reflect seasonal hiring for the holiday season. Shipping companies have announced ambitious plans: UPS has said it expects to add up to 95,000 seasonal workers, up from 85,000 last year. FedEx plans to hire 50,000, up from 40,000.
In addition, manufacturers added 28,000 jobs, the most in a year, and education and health services 38,000. Professional and business services, a category that includes temps but also higher-paying jobsin fields such as accounting and engineering, added the most jobs in four years.
The surge in hiring comes after the economy expanded from April through September at its fastest pace in 11 years. The additional jobs should support steady growth in coming months.
The U.S. recovery still has far to go to fully rebound from the Great Recession, given that many people without jobs have stopped looking for one and are no longer counted as unemployed and many others have received little or no pay increases.