Amplify: November Jobs Report
Reflecting the impact of the Biden Administration’s policies, the U.S. created 199,000 jobs in November, while the unemployment rate dropped from 3.9% to 3.7% -- both exceeding economists’ expectations. Pursuing a key objective, the Biden Administration has now added 14.1 million jobs, a record number that exceeds job creation by any other president in a single term.
Highlights:
The November numbers represent the 22nd straight month with an unemployment rate under 4% -- a record not seen since prior to 1970.
Wages are continuing to grow at a steady pace. Year-over-year average hourly earnings rose by 0.2% in October and 0.4% in November – bringing the total 12-month average increase in hourly earnings to an impressive 4%.
The inflation rate has fallen to 3.2 %. The net result is that average pay is now increasing faster than inflation – which puts more dollars in workers’ pockets.
The reduced inflation numbers have also raised consumer confidence, which jumped sharply in December to 69.4%, easily surpassing economists’ predictions of 62.4%. This reverses months of declining confidence and indicates that easing inflation is allowing Americans to feel more positive about their ability to afford necessities and plan for the future.
The jobs numbers have widely been interpreted by analysts as indicating that the economy could achieve that elusive “soft landing” without causing a recession.
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