The unemployment rate declined from 7.3 percent to 7.0 percent in November, and total nonfarm payroll employment rose by 203,000,the U.S. Bureau of Labor Statistics reported today. Employment increased in transportation and warehousing, health care, and manufacturing.
The robust gain suggested that the economy may have begun to accelerate. As more employers step up hiring, more people have moneyto spend to drive the economy.
Some key points to consider:
- Higher-paying industries are adding more jobs. Manufacturers added 27,000 jobs, the most since March 2012. Construction companies added 17,000. The two industries have created a combined 113,000 jobs over the past four months.
- Hourly wages are up. The average rose 4 cents in November to $24.15. It’s risen just 2 percent in the past year. But that’s ahead of inflation: Consumer prices are up only 0.9 percent in that time.
- Employers are giving their workers more hours: The average work week rose to 34.5 hours from 34.4. A rule of thumb among economists is that a one-tenth hourly increase in the work week is equivalent to adding 300,000 jobs.
- Hiring was broad-based. In addition to higher-paying industries, retailers added 22,300 jobs, restaurants, bars and hotels 20,800. Education and health care added 40,000. And after years of cutbacks, state and local governments are hiring again. In November, governments at all levels combined added 7,000 jobs.
While is is not all good news; some of these gains are due to the sequester in October, the long term unemployed are not seeing a re-bound and higher paying positions are still not readily available, the positive jobs report out today certainly points to a turn in the economy. More jobs equals more opportunity! Integrated Staffing has some great jobs available, call us today for more information.