Economy adds 228K jobs in November
The U.S. labor market maintained steady growth in November, which was better than expectations, with Congress on the cusp of passing the first massive tax package in decades.
Employers added 228,000 jobs last month and the unemployment rate held at 4.1 percent, the lowest level since December 2000, when it was 3.9 percent, the Labor Department reported Friday.
Hiring of 244,000 in October reflected a rebound after hurricanes Harvey and Irma slammed into the Gulf Coast late in the summer, but was 17,000 less than the 261,000 initially reported.
September’s figures, after being reported in the negative following the storms, rose to 38,000, up from 18,000.
November’s growth brings the 11-month total to about 1.91 million jobs this year.
“The jobs market remains splendidly, relentlessly dull,” said Justin Wolfers, an economist at the University of Michigan.
“Month after month, year after year, we're recording roughly 150,000 to 200,000 extra jobs each month,” Wolfers said on Twitter. “This month is no exception.”
November’s growth brings the 11-month total to more 1.9 million jobs this year.
December will need to post another solid number or the labor market expansion will fall short of the 2.24 million jobs in 2016, President Obama’s last full year in office.
Employment growth has averaged 174,000 per month thus far this year, compared with an average monthly gain of 187,000 in 2016.
Meanwhile, the House and Senate will start in earnest next week to reconcile their tax bills in a bipartisan conference.