U.S. Unemployment Rate Drops to 4.6%

By MARISSA AYALA

Staff Writer

 

In November the United States opened 178,000 non-farm jobs; these jobs could have been the cause for the unemployment rate that has now reached a drop to 4.6 percent. However, wages have also rose and are the lowest since 2007. The unemployment rate has been at, or just below five percent for close to a year as more people begin to return to the market and hiring has sustained momentum. With more jobs coming into the U.S. wages rose 2.5% in November from a year ago, thus marking a slowdown in October. The November job growth was a major improvement from October’s low amount of 142,000 jobs. Many analysts predicted a growth to 170,000 new jobs with the unemployment rate continuing at 4.9%, which is not at a nine-year low.

 

The job gains for November came from professional, business services companies, and healthcare. The professional and business services added a major partake in the growth by adding 63,000 jobs, which brings its tally to 571,000. Healthcare, which has added 407,000 jobs, gained 28,000 posts in November.

 

While job growth extended, wage growth was plummeting. Bureau of Labor Statistics said Friday that non-farm job payrolls declined by 3 cents to $25.89, this follows an 11 cent increase in October. In the past year, average hourly wages have risen by 2.5%. However a chief investment strategist at PNC Assist Management Group, Bill Stone, stated the November’s decline should not be anything to panic over at this time.

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