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Economics Gazette

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November 20, 2018

US employment continues to grow in November

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US employmentThe US employment continues to grow in November with 190,000 new jobs, which is better than the market expectations for 185,000. However, they are less than the previous month when 235,000 new jobs were created. For industry, November was the best month of the year with 40,000 new jobs created. The companies in the service sector add another 155,000 employees to the positive data.

In any case, recent labor market results show that the economy has recovered completely after the heavy hurricane season. The data on new jobs comes shortly after the government reported unemployment of 4.1%, the lowest level since 17 years.

In addition to industry and services, education and health are also a major contributor to growth, with 54,000 new jobs. The building sector reports drop of 4,000 jobs, but it is pretty expected because of the season and weather.

The midsized businesses, defined as employing between 50 and 499 people, added 99,000 jobs, while small-employer employment rose by 50,000 and large companies increased their workforces by 41,000.

The central bank of the country is of the opinion that the US economy is approaching the moment of full employment. Average hourly earnings in October increased by 2.4%.

As the labor market continues to shrink and wages grow, the employers will find it increasingly difficult to retain their skilled workers, according to the analysts.

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