In a positive step forward for the American workforce, it was reported that the U.S. added 199,000 jobs in November and the unemployment rate fell to 3.7%. This marks the lowest unemployment rate since 1969, and is the first time job growth has beaten economists’ expectations in the last 6 months.
Not only did the overall unemployment rate improve, but the labor force participation rate also rose in November. In addition, the African-American unemployment rate dropped to 5.9%, its lowest since the Bureau of Labor Statistics began keeping track in 1972. This signals a powerfully positive trend in African-American workforce participation and proves that more people are able to find quality jobs.
The creation of 199,000 jobs in November demonstrates that the U.S. is still experiencing a strong labor market, despite a turbulent global economy. The economy is still facing some headwinds, such as slowing job growth in manufacturing and rising health care costs, but these figures show that the employment outlook in the US is still looking up.
Employers are showing confidence in the economy and hiring more workers, and the labor market is still showing signs of low unemployment. This likely means that wages will continue to grow at a steady pace, benefitting those who are currently employed and those who are recently entering the job market.
Overall, the US economy is continuing to improve, and the addition of 199,000 jobs in November and the drop in unemployment to 3.7% shows a strong trend of growth in the labor market. This is great news for the American workforce, and hopefully the trend will continue.