US jobless rate falls to nine-year low, payrolls rise

For instance, Americans bought homes in October at the fastest pace in almost a decade, and solid consumer spending helped propel growth to a 3.2 percent annual rate in the July-September quarter, the best showing in two years. That suggests Friday's report, taken on its own, paints a misleading picture of the state of the economy; as always, it is best not to read too much into the month-to-month swings of the various indicators.

US stocks were mixed Friday, despite a better than expected jobs report.

The share of long-term unemployed, or those seeking work for 27 weeks or more, was stable at 1.9 million, or 24.8 percent of the all unemployed people.

Gus Faucher the deputy chief economist at PNC in Pittsburgh was less than enthusiastic about the report, telling the New York Times that the latest government figures were "a solid report but not quite as good as the headline numbers would indicate", describing it as "mixed news".

The monetary base in Japan was up 21.5 percent on year in November, the Bank of Japan said on Friday, coming in at 417.657 trillion yen.

While hiring has picked up rapidly under President Obama - 2014 and 2015 were the best years of job growth since the late 1990s - the gains have nearly all come in the so-called "service sector", not in manufacturing and blue collar work. Healthcare, which has added 407,000 jobs this year, gained 28,000 posts in November. Most of the growth was in part-time jobs, however, with hourly wages down by three cents. The unemployment rate had been expected to remain unchanged. It was the 74th consecutive month of job gains under Obama.

The unemployment rate fell to 4.6 percent, the lowest since mid-2007, but the 0.3 percentage point drop was in large part because the labor market shrank by 226,000 people.

Among the major worker groups, the BLS said, the unemployment rate for adult men declined to 4.3% in November. More than half a million of those were considered "discouraged", meaning that they'd given up on looking for work.

Two key factors drive growth: More people entering the workforce and workers being more productive on the job. The annual rate of wage growth subsequently slowed to 2.5 percent from 2.8 percent.

As we say good-bye to the Obama Administration and enter the Trump Administration, are you confident the economy will continue to improve and unemployment figures will keep declining?

Trump's big hope is to get productivity up by encouraging businesses to invest more in their factories, research and workers. The Fed, which once expected to raise rates four times this year, has repeatedly held off amid signs of weakness in the economy.

"In my view, the case for an increase in the federal funds rate has clearly strengthened since our previous meeting earlier this month", Federal Reserve governor Jerome Powell said Tuesday.

Still, the monthly increases are more than enough to absorb new entrants into the labor market. Manufacturers have shed 54,000 jobs and miners cut 87,300 in the a year ago. The dollar index has climbed to a 14-year high as investor money flows back into the American currency in anticipation of higher interest rates. The sector has regained about one-third of the jobs lost during the 2008-09 recession, not two-thirds.



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