The economy of the United States has created a lot more jobs than it was expected to in the month of November and while the rate of unemployment went lower the growth in wages also remained in check. This has boosted the stocks and has also made the Treasury yields to go higher. The Nonfarm payrolls saw a rise of 266,000 as per the Labor Department this Friday as it topped the expectations of the forecasters which were around 186,000.
This is the biggest rise has been in the last 10 Months. Further, the previous months were revised higher. The payroll of September had been revised higher by 13,000 to reach a number of 193,000 and for October it had also been revised up by 28,000 to reach the number 156,000.
Economics professor Justin Wolfers has said on twitter that combining everything it is evident that the growth in the past quarter has averaged very healthy which has smoothed out the volatility related to the auto-strikes. The rate of unemployment has gone down from 3.6% to 3.5% and economists have predicted that this is going to remain steady.
The other economists said that these figures dismiss the fears of recession and the involvement of Federal Reserve is going to stay on hold for some time.
The earnings per hour on an average saw a rise of 0.2 % which was lower than the prediction of 0.3% however in the year over year statistics they have increased by 3.1 %. This indicates that the inflation of wages is completely in check. Wolfers also said that it is puzzling how the growth in wages is still remaining weak.
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