The US unemployment rate fell to 4.6% in November, which is lowest level in more than 9 years, according to the Labor Department. This marks the 74th consecutive month of job growth. The total number of registered unemployed Americans dropped to 7.4 million people. Among the adult male population, unemployment fell to 4.3%, while among women it remains at level of 4.2%. However, youth unemployment remains relatively high at level of 15.2%.
According to experts, it looks like companies are pretty bullish about what they are going to see in 2017 and are continuing their strong hiring of the past few years.
The data adds to recent evidence of healthy growth in the economy, although wage growth was weaker than expected. Despite November’s robust jobs figures, earnings grew by less than expected. Average hourly earnings fell 0.1% from the month before, and that reduced the annual increase in wages to 2.5% from 2.8% in October.
A solid increase in new jobs, which reported growth by 178,000, reduced the unemployment rate to 9-year low and seems that strengthen the expectations for a rise in interest rates at the last meeting for the year in mid-December.
On the other hand, unexpected drop in wages, probably parried part of the set for further aggressive monetary policy, tightening in interest rates at the beginning of next year.
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