In November, the US economy created 211,000 new jobs and unemployment in the country remained at the 7.5-year low of 5 percent.
The government’s report indicates a greater number of vacancies in construction, professional services and health care, while logging fewer jobs in mining and information.
According to the US Bureau of Labor Statistics, 7.9 million Americans are unemployed and the number of involuntary part-time workers is 6.1 million. Over the year, average hourly earnings have risen by 2.3 percent that is only slightly above the inflation rate.
Still, growth in job number turned out to be faster than most economists had expected. Such statistics favors the intention of the US Federal Reserve System to lift its key interest rate in December 2015.
Fed Chairperson Janet Yellen pointed out that economy needs to add about 100,000 vacancies monthly to receive new participants. And new jobs were created at a much faster pace for some period of time.
The encouraging data on the labor market can dispel investors’ concerns over recent reports on moderate consumer spending and slowdown in services sector.
