U.S. unemployment rate falls to 4.6 percent, a 9-year low

“I think at 4.6 percent people have to question at what point are we going to see those wage increases”, said Heidi Learner, chief economist at Savills Studley in NY.

The numbers are part of a “recent run of continually positive economic data”, according to Jason Schenker, the president of Prestige Economics. Desmond Toohey, an economics professor at the University of DE, told The Christian Science Monitor then that this – combined with low unemployment – signaled a strong labor market. Possible new trade or immigration restrictions could make markets even tighter, and switch the Fed from worrying about the risk of deflation to fighting price rises before they get out of hand.

“In previous years, wage gains have been stagnant”, Yuki told our Newscast unit. According to the Bureau of Labor Statistics, average hourly earnings declined by 3 cents to $25.89. The rates for adult women (4.2 percent), teenagers (15.2 percent), Whites (4.2 percent), Blacks (8.1 percent), Asians (3.0 percent), and Hispanics (5.7 percent) showed little or no change over the month.

About 226,000 people dropped out of the labour force last month.

In November, 1.9 million people were marginally attached to the labor force, up 215,000 from a year earlier.

The 9.3 percent mentioned above is a broad measure of unemployment and underemployment, which includes those who have stopped looking and those in part-time jobs who want full-time positions. The rate averaged 8.3% in the two years before the recession. There also were 31,000 fewer self-employed workers than in October. The average workweek for all employees on private payrolls was unchanged at 34.4 hours. An increase would be the first in a year and nudge the target range for the federal funds rate, which is used to set terms for many consumer and business loans, to between 0.5 percent and 0.75 percent. Following a strong of strong economic reports, traders are bracing themselves for the second rate rate in a decade.

“I’m actually thinking they’re going to raise rates three more times in 2017”, Rick said. Healthcare, which has added 407,000 jobs this year, gained 28,000 posts in November.

The American economy added 178,000 new jobs last month, 90,000 of which were needed to keep up with population growth.

Friday’s unemployment report was the first since the November 8 presidential election, in which Republican nominee Donald Trump surprised Democratic rival Hillary Clinton. Much of the job gains are attributable to part-time employment. Breadwinners who once had well-paid jobs in manufacturing are unwilling to settle for minimum-wage service jobs.