Today's employment report contains lots of good news for America and our country's domestic economic outlook. We're getting stronger each month, and that's great to see.
More jobs, higher pay and more hours worked contributed to the good news trifecta and augur well for our U.S. economy during the next several years, assuming our government doesn't manage to screw things up with its 'helpful' interventionist efforts, programs and policies.
U.S. gains 321,000 jobs in November; unemployment 5.8% has the breaking news:
"The U.S. added 321,000 jobs in November to mark the biggest gain since Jan 2012, and wage growth also accelerated, in one of the strongest employment reports since the Great Recession ended more than five years ago. Economists . . . had expected a gain of 235,000 nonfarm jobs. Hiring was also revised up by a combined 44,000 in the prior two months, the Labor Department said Friday. The unemployment rate, meanwhile, remained unchanged at 5.8% as more people entered the labor force in search of work.
Average hourly wages jumped 9 cents, or 0.4%, after two weak readings, although the 12-month increase was little changed at 2.1%. Year over year increases have stuck to a tight range of 1.9% to 2.2% since 2012.
The amount of time people worked each week, matched a post-recession high of 34.6 hours. The government said 243,000 new jobs were created in October, up from a preliminary 214,000. September's gain was raised to 271,000 from 256,000. So far in 2014 the economy has gained an average of 239,000 jobs a month - the fastest rate in at least 15 years."
Summing Up
The U.S. economy is finally performing well, and I expect the good news to keep on coming.
With low oil prices and a strong U.S. currency, inflation won't be a problem for a long time.
We're obviously not in boom times, but the stagnant economic environment in the U.S. is over.
Now let's hope the rest of the world can get up off its knees sometime soon.
That's my take.
Thanks. Bob.
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