The addition of 321,000 new jobs is no joke!
What were economists’ reactions to the November jobs report?
Yup, news was that good.
The numbers in the government’s November jobs report were really promising. The report says that the US created around 321,000 jobs in the month of November. Along with that measure, the report also noted that the US has been outperforming every other country in the developed world thanks to strong job growth and a low unemployment rate of 5.8% (the lowest it has been in six years). Even more good news, 44,000 new jobs were added to the September and October estimates. All this adds up to 2014 being the strongest year for hiring since 1999!
What’s even more surprising is that there could be more good news on the way, with financial experts claiming a rise to the average work week – from 34.5 to 34.6 hours – which on the surface doesn’t seem like much yet can be a solid indicator for future demand (ie creation of new jobs).
With strong numbers like this, it now begs the question whether the Federal Reserve will start to raise the interest rates before they’re expected date (June 2015). Many economists have cautioned from doing this stating that while the economy is picking up speed, we are still far away from the type of growth that was happening before the 2008 recession.
But that’s a debate for another time.
Right now, let’s just enjoy some good news for a change. It’s a celebration bitches!!!
(Photo Credits: Google Images, SB Nation)