According to the recently released November Jobs Report, the unemployment rate ticked down to 3.5% from 3.6%, matching the lowest jobless rate in 50 years. In November, 266,000 new jobs were added, blowing away economists’ expectations of 187,000 new jobs. Larry Summers, director of the National Economic Council, stated, “Bottom line, America is working,” and that, “these are very strong numbers.” In addition to the strong job report, average hourly earnings rose 3.1% from a year ago, slightly above the 3% expected by economists. Overall, the combination of a robust increase in new jobs, along with the tick-up in hourly wages, the labor market continues to be a driving force behind a strong economy.
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