US Employers Added 321,000 Jobs In Nov., Most In Nearly 3 Years
A burst of hiring last month has provided evidence that the United States is outperforming other economies throughout the developed world.
The Labor Department says employers added 321,000 jobs in November, the most in nearly three years.
Mark Zandi of Moody's Analytics calls the numbers "boom-like'' and says they show the U.S. economy is "on very solid ground.''
In addition, the government says 44,000 more jobs were added in September and October combined than it had previously estimated. That puts 2014 on track to be the strongest year for hiring since 1999.
Meanwhile, the unemployment rate remains at a six-year low of 5.8 percent.
Hiring last month was broad-based but particularly concentrated in retail, temporary services and transportation and warehousing, likely reflecting seasonal hiring.
The job gains coincided with a sharp increase in workers' pay. The average hourly wage rose 9 cents to $24.66, the biggest gain in 17 months.
However, over the past 12 months, hourly pay has risen just 2.1 percent, barely above the 1.7 percent inflation rate.