The Bureau of Labor Statistics has reported that employers added 321,000 jobs in November, the most in nearly three years (Economists had only predicted 230,000). But another important factor in the economic recovery was also reported: Average weekly earnings rose 2.4 percent from the previous year, which is the fastest pace since June 2013.
Unemployment has also remained steady at 5.6%. The sector with the most new jobs in October was professional and business services, and with the holiday season it was no surprise that retail added 50,000 jobs, more than double its 22,000 prior 12 month average.
Of course many of the new jobs are temporary or part-time, but still a large number are “career” jobs as well. And when an economy is growing, it’s not uncommon for temporary or part time jobs to turn into full time jobs down the road.
As we near the end of the year, looking back at jobs shows a strong trend: growth. This was the tenth month in a row of job growth reaching over 200,000.