WASHINGTON, DC-The US economy added 203,000 jobs to the nation's payrolls in November, according to Labor Department statistics released on Friday morning, exceeding estimates by some economists that only 180,000 jobs would be created. In addition, the unemployment rate notched down by three-tenths of a percentage point to reach a psychologically satisfying 7%. That is the lowest level it has been at for five years.
Employment increased in transportation and warehousing, health care, and manufacturing. Employment in transportation and warehousing rose by 31,000 in November, with gains in couriers and messengers, truck transportation, warehousing and storage and air transportation.
Health care employment increased by 28,000 positions with job gains in home healthcare services and offices of physicians. The manufacturing sector added 27,000 jobs. Gains occurred in food manufacturing and in motor vehicles and parts.
Employment in professional and business services also continued their upward trend with 35,000 jobs created. Over the prior 12 months, the industry added an average of 55,000 jobs per month.
Speculation is growing that, with these numbers plus other positive indicators from the economy, the Federal Reserve Bank will begin tapering in short order.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
