Continued economic recovery hinges on the labor sector, and the November Jobs Report showed signs of strength.
What is the Non-farm Payrolls report? The Non-farm Payrolls report measures the number of people on the payrolls of all non-agricultural businesses, representing around 80 percent of workers who produce the gross domestic product of the United States.
What’s happened recently? The Labor Department reported U.S. employers added 298,000 new workers in October and 211,000 new workers in November, both well above expectations and up from the lower numbers seen in August and September. The report showed hiring across many sectors of the economy.
What’s the bottom line? The government also reported the unemployment rate remained at 5 percent, the lowest level since April 2008, just before the Great Recession. However, U.S. export totals have been underwhelming throughout 2015, which can spell problems for the manufacturing sector, affecting both hiring for new jobs and overall housing growth.
I’ll continue to monitor economic reports closely. If you have any immediate questions, please call or email today.