Unemployment was 4.6 percent, down from October's 4.9 percent. | Getty Economy added 178,000 new jobs in November

The Labor Department's first post-election employment survey reported 178,000 jobs created in November, up from 142,000 in October.

Unemployment was 4.6 percent, down from October’s 4.9 percent and the lowest level in nine years.


Average private-sector earnings were down 3 cents over October, when they rose 11 cents. Wages were up 2.5 percent over November 2015.

Jason Furman, chairman of the White House Council of Economic Advisers, said Friday's jobs report extended "the longest streak of total job growth on record." The labor market is attracting more workers, he said, thereby "offsetting downward pressure on employment growth from the aging of the population."

House Education and the Workforce ranking member Bobby Scott (D-Va.) said the report demonstrated that the economy "continues to move forward from the worst economic crisis in a generation."

But Republicans were less impressed. House Ways and Means Chairman Kevin Brady said the unemployment rate declined "in part because many people gave up looking for work." He added that he is "very pleased that the incoming Trump administration is already making it clear that job creation and economic growth are their top priorities."

Analysts said November's jobs report was a good sign for the economy.

Elise Gould, senior economist at the left-leaning Economic Policy Institute, said Friday's jobs report "shows that the economy continues to move in the right direction. ... At this rate of payroll employment growth, we could conceivably see full employment and accompanying stronger wage growth as early as next year."

John Canally, chief economist at LPL Financial, was slightly less enthusiastic. Canally told CNBC that "job growth is slowing," but noted that's "expected at this point in the business cycle." Nevertheless, Canally said the jobs report "keeps the Fed on track to tighten."

Friday's jobs report all but assures that the Federal Reserve will hike interest rates at its meeting later this month.

Analysts surveyed by Bloomberg had predicted the creation of about 170,000 jobs, an unemployment rate of 4.9 percent and an increase in hourly earnings of 0.2 percent. The payroll company ADP estimated Wednesday based on its own records that private-sector job growth in November was 216,000.

The jobs report followed news from the Commerce Department this week that GDP increased 3.2 percent during the third quarter of 2016, up from an initial estimate of 2.9 percent and well above the second quarter’s 1.4 percent and the first quarter’s 0.8 percent. Commerce’s final estimate for third quarter growth will be released Dec. 22.

This article tagged under: Labor Department

Economy

Jobs