Jobs Data Showcases Strength of U.S. Economy as Unemployment drops to 4.6 percent

Jobs Data Showcases Strength of U.S. Economy as Unemployment drops to 4.6 percent

The latest unemployment data report has revealed that the U.S. economy added 178,000 jobs in November. The jobless rate has reduced to 4.6 percent and the current level has marked the best employment rate in past decade. Last time, the jobless rate was so low in August 2007.

Many people are able still complaining that they aren’t paid well enough and many people are underemployed. However, the continued job growth should lead to employees getting better job offers or higher payouts. The data released by the U.S. Bureau of Labor Statistics has reported impressive gains in professional and business services and in health care.

The number of unemployed people has declined to 7.4 million. The unemployment among adult men was recorded at 4.3 percent and 4.2 percent for adult women. For teenagers, unemployment remained at 15.2 percent.

On basis of race, Blacks faced highest level of unemployment at 8.1 percent. Among Asians, unemployment rate was 3 percent which 5.7 percent of Hispanics were unemployed as per November data. The unemployment rate among Whites was reported at 4.2 percent.

Despite job growth, average payout per hour declined by 3 cents to $25.89. In October, average per hour payout had increased by 11 cents per hour. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.6 hours.

The Labor department report informed, “The number of job losers and persons who completed temporary jobs edged down by 194,000 to 3.6 million in November. The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.9 million and accounted for 24.8 percent of the unemployed. Over the past 12 months, the number of long-term unemployed was down by 198,000.”

Minimal changes were noticed in employment in manufacturing, mining, retail trade, financial activities and wholesale trade sectors. Major positive movement was noticed in construction and health care services sector.


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