The latest From the BLS Employment Report:
According to the most recent jobs report from the Bureau of Labor Statistics, the U.S. economy added 228,000 nonfarm jobs in November, surpassing expectations. Another strong month for jobs further demonstrates that the country is recovering from the impacts of major hurricanes Harvey and Irma in September. This is still true even with the October report being revised down to 244,000 jobs added from 261,000.
The unemployment rate remained unchanged at 4.1 percent, holding at that 17-year low. Since this time last year, the unemployment rate has dropped by .5 percent. The November jobs report showed that hourly wages rose slightly by .2 percent. Economists say that that number should be climbing more rapidly due to competition from a large number of job openings and lack of unemployed workers to fill them.
The November jobs report was expected to show a growth of 195,000 jobs, so the actual report came in quite a bit higher. As a result of the continued health of the economy, there is almost a guarantee that the Federal Reserve will raise interest rates when they meet next week.
“After two months of volatility that we can likely attribute to hurricanes, the labor market appears healthy again,” Steve Rick, chief economist at CUNA Mutual Group, said. “This likely further solidifies the case for raising rates that Jerome Powell (nominee for Federal Reserve Chair) said in late November was coming along.”
This Month’s Jobs Report
Let’s break down the numbers from this month’s jobs report
In November, hourly wages increased by $0.05 to $26.55 per hour, following a -3 cent decrease in October. This brings the year-over-year wage percentage increase to 2.5 percent. The unemployment rate saw a slight downtick to 4.1 percent.
- $26.55 November
- 0.05 month-over-month
- 2.5% year-over-year
- $26.50 October
- 4.1% November
- 0.0% month-over-month
- 4.1% October
In-Depth Look: Accounting and Finance Jobs
Let’s take a look at how the Accounting and Finance industry is performing.
Finance and insurance
- Month-over-month change: -400
- 91,000 jobs added year-over-year
Accounting and bookkeeping services
- Month-over-month change: 4,000
- 12,200 jobs added year-over-year
- Month-over-month change: 8,000
- 150,000 jobs added year-over-year