Report | United States Employment Update - November 2016
Although October did not meet consensus expectations, adding 161,000 net new jobs over the month, labor market fundamentals remain strong and bode well for the Federal Reserve to raise interest rates in December. Unemployment declined to 4.9 percent as a pause in the civilian labor force's expansion and consistent job growth pushed down the number of unemployed people by 152,000. Notably, wage growth rose to 2.8 percent, the highest rate since 2009 and with significant gains seen across most subsectors, even as inflation is beginning to rebound. Increased discretionary income will be critical to maintaining both consumer confidence as well as personal consumption expenditures, which have driven GDP growth throughout much of this cycle.
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