American business took on more new employees in November than had been previously predicted. The Labor Department announced on Friday that an additional 211,000 jobs were created last month.
Companies and businesses in the United States added more jobs to their payrolls in November than what had been previously expected or forecast. The United States Labor Department declared on Friday that American businesses and governments added 211,ooo jobs to their payrolls in November.
The numbers have been fairly encouraging the last couple of months, reports USA Today. Because of the encouraging hiring numbers, many analysts and economists believe that the Federal Reserve will hike its benchmark overnight interest rate when it meets later on in December. Many analysts, including Bloomberg, had only expected new jobs added to only come in at around the 200,000 mark.
Overall, the federal and various state governments around the country added 14,000 new workers while American businesses added on 197,000 new employees in November. In addition, revised employment numbers for September and October showed that an additional 35,000 jobs had been added than previously reported.
Wage growth, too, has begun to show some small gains over the past few months. The average hourly earnings for American workers rose a small 4 cents in November to $25.25 which is an overall gain in the last year of 2.3 percent. Wages peaked in October with a 2.5 percent overall hourly gain. While wages have been relatively stagnant for years, analysts predict that the time has come where wages will become more competitive as their are fewer workers now available to compete for many more jobs.
Because of this, inflationary pressures will become evident which will give the central bank added incentive to boost its interest rates later in the month. The Federal Reserve will meet on December 14 and 15 to decide what they will do regarding interest rates going forward. Job growth has been sustained at over the 200,000 threshold all year long and the unemployment rate has fallen to 5.1 percent after peaking at 10 percent back in 2009.
While the unemployment numbers are pushed as encouraging by the central bank, the numbers don’t include part time workers or those who have given up looking for work altogether. Part time workers who are looking for full time work rose in November by 390,000 to 6.1 million. Among those who have given up, the unemployment rate for them hovers at 9.9 percent.