The economy added 178,000 jobs in November, while the unemployment rate fell to 4.6 percent, according to the latest data from the Bureau of Labor Statistics, the lowest rate since August 2007. Analysts had expected 175,000 jobs to be added. The number of unemployed people fell by 387,000, and the number of people who lost a job or finished a temporary one fell by 194,000.
November’s job gains were fueled by professional and business services (63,000) and health care (28,000).
Over 2016, job growth has averaged 180,000 added per month, a healthy number but lower than the 229,000 average in 2015.
But even as the economy added jobs at a quick clip, wages actually fell. They dropped by 3 cents in November, or 0.1 percent, after experiencing a 0.4 percent rise in October. That’s the first time that’s happened since December of 2014, according to Bloomberg. Over the year, wages have risen at an anemic 2.5 percent.
Past job reports for September and October were also revised downward, with 2,000 fewer jobs than previously reported. While September went up from 191,000 to 208,000, October fell from 161,000 to 142,000.