The American economy added 211,000 jobs in the month of November. October’s already strong jobs report was revised upward to 298,000 from 271,000 jobs added.
Many analysts expected a gain of roughly 200,000 jobs.
The unemployment rate remained at five percent, the lowest since 2008. Positive job growth with a increasing or stable unemployment can be a sign of increasing labor participation as more people are looking for work. The unemployment rate only counts those looking for work.
The biggest gains came from construction, health care, and business services. Construction added 46,000 jobs while health care and business services each added 24,000.
Wages also picked up. While job growth has been strong, wage growth has largely been stagnant. However, wages were up two-and-three-tenths percent from last year. However, it was down from October’s wage growth which set a six-year record.