Three-Year High in Payrolls Boost Wages
A November hiring surge has powered the economy to create the largest surge in jobs in nearly three years, resulting in broad-based wage gains. The 321,000 advance in payrolls exceeded the all projections in a Bloomberg survey of economists and followed a 243,000 gain in October that was stronger than previously reported, according to a Labor Department report. The jobless rate held at a six-year low of 5.8 percent. Average hourly earnings rose 0.4 percent, the most since June of 2013.
The report showed factory payrolls rose the most in a year, while professional and business services took on the largest number of workers since November 2010. Hiring at retailers also picked up.
The gain in November payrolls, the most since January 2012, exceeded the median forecast in a Bloomberg survey of economists calling for a 230,000 increase in November. November marked the tenth straight month employment has increased by at least 200,000, the longest stretch since the 19 months that ended in March 1995.
The participation rate, which indicates the share of working-age people in the labor force, held at 62.8 percent in November. Employment in business and professional services climbed 86,000 in November, while payrolls rose by 28,000 at factories. Retail employment increased by 50,200 in November, the most this year.
Transportation and warehousing payrolls climbed 16,700 last month, boosted by a 4,700 gain at couriers and messenger services as companies such as UPS Inc. began hiring for the holidays.