Good news in November jobs report
U.S. employers added 266,000 jobs in November, raising hiring to its highest level since January. Wages rose 3.1 percent compared to a year earlier, and unemployment matched the 50-year low set in September at 3.5 percent.
What drove the jump in hiring? The month saw a one-time boost of 40,000 jobs when General Motors autoworkers returned to work following strikes. The U.S. Department of Labor didn’t count those workers as employed during the work stoppage. Excluding those jobs, factories added 13,000 jobs. Retailers added 2,000 jobs for the holiday season, while transportation and warehousing firms added fewer than 16,000 positions.
Dig deeper: Read Marvin Olasky’s review of books dealing with the challenges and opportunities of the modern American economy.
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