Although the nation's unemployment rate remained the same in November at 5.8 percent, widespread gains were seen across a variety of different sectors. The amount of jobs added to U.S. payrolls increased exponentially from October - a good sign for the country's economic strength as 2015 approaches.
Increases throughout a variety of fields
According to the November Employment Situation from the U.S. Bureau of Labor Statistics, employment increased by 321,000, a hefty increase over the nation's monthly average gain of 224,000. Professional and business services saw the most significant additions with the creation of 86,000 jobs. This industry followed the overall trend, adding nearly 30,000 more jobs in November than its average monthly gain of 57,000. Some of the largest gains in this field came in the form of accounting and bookkeeping jobs. Temporary help services also saw an uptick, adding 23,000 jobs over the month.
Retail added 50,000 workers, many of them in the motor vehicle parts industry, though clothing, sporting goods and hobby stores also hired more staff. The U.S.'s growing healthcare sector tacked on 29,000 new jobs, contributing to the 261,000 jobs created in this field over the past 12 months. Construction gained 20,000 workers, while the transportation and warehouse sector saw an increase of 17,000 jobs. Manufacturing expanded by 28,000 positions, many of which were in the durable goods sector.
Slight wage gains show promise for future compensation rates
In addition to increasing its workforce throughout the month, the U.S. also upped its pay rates. The report noted that average hourly wages for nonfarm jobs increased by 9 cents this month, coming in at $24.66. Private sector production and nonsupervisory jobs saw a gain of 4 cents to an average wage of $20.74 per hour.
November exceeds economists' expectations
According to Business Insider, November's employment expansion was stronger and more significant than economists had predicted. While they had anticipated an increase of approximately 230,000 jobs, actual gains were upward of 300,000. They had expected hourly month-on-month earnings to increase by 0.2 percent, a number that actually doubled, with wages going up by 0.4 percent. The source noted that this month's impressive jobs report not only exceeded expectations, but was the biggest payroll gain the country has seen since January 2012. It is also the 10th consecutive month of job increases over 200,000 - the longest streak for the U.S. since 1995.
Analysts feel the consistently strong numbers over the last few months could increase the likelihood that the Federal Reserve will begin to raise interest rates, although there doesn't appear to be any apparent rush to do so.
"With job creation as strong as this and wages picking up, the economy looks increasingly able to withstand a modest tightening of policy," Economist Harm Bandholz of UniCredit told The Economic Times. "On the other hand, the lack of any significant wage growth points to a benign inflation outlook, which in turn suggests there remains no immediate rush to hike rates."