(Source: VOANews.Com)
The U.S. economy had a net gain of 211,000 jobs in November, while the unemployment rate held steady at a 7½-year low of 5 percent.
Friday's government report says job gains were seen in construction, professional services, and health care. Mining and some media companies lost jobs.
U.S. businesses have added 13.7 million jobs in a little less than six years, but White House economic advisor Jason Furman says “We have more work to do.”
Nearly 8 million Americans are still out of work, according to the Bureau of Labor Statistics, and another 6.1 million can only get part-time work, though they want full-time employment.
Average wages rose 2.3 percent over the past year.
The job gains are stronger than most economists expected, and support the case for the U.S. central bank to raise the key interest rate later this month.
Record-low rates
During the recession, the Federal Reserve cut interest rates to a record-low to boost economic growth and jobs.
Fed Chair Janet Yellen told Congress Thursday that she is seeing a lot of economic data showing the recovering economy no longer needs such help.
Yellen also said the economy needs a net gain of about 100,000 jobs to accommodate new entrants to the economy, and the new jobs have been created at a faster rate than that for some time.
Friday's upbeat report on the job market may help overcome investor worries about recent reports of tepid consumer spending and a slowdown in the services sector of the economy.
Source link: http://www.voanews.com/content/us-economy-gains-new-jobs-unemployment-stays-at-7-year-low/3087712.html
The U.S. economy had a net gain of 211,000 jobs in November, while the unemployment rate held steady at a 7½-year low of 5 percent.
Friday's government report says job gains were seen in construction, professional services, and health care. Mining and some media companies lost jobs.
U.S. businesses have added 13.7 million jobs in a little less than six years, but White House economic advisor Jason Furman says “We have more work to do.”
Nearly 8 million Americans are still out of work, according to the Bureau of Labor Statistics, and another 6.1 million can only get part-time work, though they want full-time employment.
Average wages rose 2.3 percent over the past year.
The job gains are stronger than most economists expected, and support the case for the U.S. central bank to raise the key interest rate later this month.
Record-low rates
During the recession, the Federal Reserve cut interest rates to a record-low to boost economic growth and jobs.
Fed Chair Janet Yellen told Congress Thursday that she is seeing a lot of economic data showing the recovering economy no longer needs such help.
Yellen also said the economy needs a net gain of about 100,000 jobs to accommodate new entrants to the economy, and the new jobs have been created at a faster rate than that for some time.
Friday's upbeat report on the job market may help overcome investor worries about recent reports of tepid consumer spending and a slowdown in the services sector of the economy.
Source link: http://www.voanews.com/content/us-economy-gains-new-jobs-unemployment-stays-at-7-year-low/3087712.html
