Lots of Good News in the November Jobs Report
December 12, 2017
Last Friday, the Labor Department reported a better than expected 228,000 net new jobs were created in November. The pre-report consensus suggested only around 200,000 new jobs last month. This is yet another indication that the US economy is accelerating as I have suggested often over the last several months.
Companies in nearly every sector are reveling in the best opportunities they have seen in years. Improving global growth is giving a lift to manufacturers, which have added jobs for four straight months. Rising incomes and strong consumer confidence helped retailers, whose payrolls grew at the fastest pace since January despite the shadow of rising online sales.
Even the fall hurricanes, which led to a short-lived slowdown in hiring in September, as you can see in the chart above, are now helping employment as Texas and Florida rebuild. The construction sector added 24,000 jobs in November.