November was a great month for the US economy. According to the Bureau of Labor Statistics, the US added 199,000 jobs and the unemployment rate fell to 3.7%, the lowest level since 1969. This is a positive step forward for the economy, as the economy has generally seen slower job growth in recent years.
The major source of job growth in November came from professional and business services, which added 55,000 jobs, followed by healthcare, which added 50,000 jobs. Leisure and hospitality was another significant job gainer, with 44,000 jobs added. While the majority of the job growth came from these sectors, there were also increases in education and construction.
Average hourly wages also grew by 3.1% compared with the previous year, the ninth consecutive month of year-over-year wage growth above 3%. This is an indication that wages are beginning to outpace inflation, increasing workers’ buying power.
Overall, the November job numbers show that the US economy is continuing to strengthen. The large job gains, combined with wage growth and a low unemployment rate, signify that employers are confident in the US economy and job opportunities will continue to increase.