U.S. hiring slower but steady as employers add 155K jobs

U.S. hiring slower but steady as employers add 155K jobs

"While, the topline increase is below expectations, it is almost double the monthly gain necessary to keep the unemployment rate steady, thus the economy continues to churn out new jobs and reflects the strong underlying business conditions that point to steady, albeit slower job growth and economic activity in 2019".

US job growth moderated in November, with non-farm payrolls coming in at about 155,000 for the month - down from the 190,000 that analysts had predicted - according to the Bureau of Labor Statistics.

A separate gauge that includes discouraged workers and those holding part-time jobs for economic reasons, sometimes called the real unemployment rate, rose from 7.4 percent to 7.6 percent. This is only the 12th time since 1970 that the unemployment rate has fallen below 4 percent, with seven of these occasions occurring under President Trump this year.

In addition to the November jobs report falling below expectations, October's count was revised lower from an initially reported 250,000 to 237,000.

"We're in a really good spot if you ask me", Larry Kudlow, the president's top economic adviser, said on CNBC after the jobs report surfaced. That's less than the roughly 200,000 jobs a month that the economy has been creating for the past year.

Job gains mainly occurred in health care, manufacturing, transportation and warehousing last month, the bureau said, noting that the unemployment rate has remained at 3.7 percent for three straight months. That followed a small decline on December 6 and an 800 point drop on December 4.

For now, the labor market is on solid footing and is seen supporting the economy through at least early 2019, after which growth is expected to significantly slow as the stimulus from the Trump administration's $1.5 trillion tax cut package fades.

Most recent data have pointed to an economy in solid shape. Since President Trump was elected in November 2016, the US economy has created 4.6 million jobs.

Average hourly earnings rose 3.1 percent as compared with November 2017, matching the pace recorded in October, which had been the strongest increase in almost a decade. That had not previously occurred since the recession ended more than nine years ago. Today on the show, six jobs that once paid more than the average wage, and now pay less than average.

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Take Darlene Lee, 32, who was released from jail in 2015 after serving time on drug-related charges.

Working 40 hours a week or more at $14 an hour, Ms.

One sector's volatility shouldn't cast a shadow over the promising broader trends, she said. "I've overcome a lot, and I want to build a better foundation for my children".

Retail employment rose by 18,200 jobs in November, likely boosted by an early Thanksgiving.

Ongoing job gains are pushing down unemployment rates to historically low levels for a variety of population groups.

With just a small share Americans out of work but seeking jobs, and the labor force growing only slowly, some employers have had difficulty filling job openings.

A Federal Reserve report released Wednesday showed that in more than half of the central banks' 12 districts, businesses reported labor shortages.

The total number of unemployed was little changed at 6.0 million. The Fed is still expected to hike its federal funds rate but data showing an absence of inflationary pressures in the job market could mean less aggressive policy action in 2019.

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