United States: Employers hire at steady rate and unemployment rate falls to lowest level in over nine years
December 1, 2016
In November, non-farm payrolls grew by 178,000 new jobs—the most since September. The result came in above October’s downwardly-revised increase of 142,000 (previously reported: +161,000) and fell short of the 180,000 new jobs the markets had expected.
November’s print was solid due to a meaningful contribution from the private sector, which added 156,000 new jobs. In addition, the public sector created 22,000 new jobs. The U.S. has added more than 15 million jobs since the labor market bottomed out in early 2010.
The unemployment rate, which is derived from a different survey, dropped from 4.9% in October to 4.6% in November, the lowest level since August 2007. While the rate was the lowest since August 2007, this was due more to people dropping out of the workforce than to people finding jobs. The labor participation inched down from 62.8% in October to 62.7% in November.
Author: Ricardo Aceves, Senior Economist