In November, hiring was boosted by seasonal hiring related to the holiday shopping season. Retailers added 50,200 jobs, the most in 11 months. Transportation and warehousing gained 16,700.
In a sign of the economy’s strength the hiring increase ranged across many industries. A measure of industries that added jobs reached its highest point since 1998.
But in a sign of the economy’s strength, solid job growth ranged across many industries. A measure of industries that added jobs reached its highest point since 1998.
Manufacturers added 28,000 jobs in November, the most in a year, and education and health services 38,000. Professional and technical services, a category that includes higher-paying jobs such as accountants, engineers and architects, gained 37,500 jobs, the most in 3½ years. Construction firms added 20,000.
While the job market is undoubtedly doing better there is still significant room for improvement.
For example, about 6.9 million Americans are working part time because they cannot find full-time positions. Also, economists would like to see continued and stronger hourly wage gain.
So far the wage gains for most Americans have been a modest 2.1 percent over the last 12 months, barely enough to keep up with inflation.
Economists say the unemployment rate will need to drop even further to below 5 percent before there is a more significant increase in wages.
The question is whether the incoming Republican-led congress will work with President Barack Obama to enact policies that will continue the positive trend in jobs growth.
(Reprinted from the Philadelphia Tribune.)
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