U.S. economy adds 132,000 new jobs, jobless rate up in November

The U.S. economy added 132,000 new jobs in November, but the unemployment rate edged up to 4.5 percent from 4.4 percent in the previous month, the Labor Department reported Friday.

According to revised figures, employers added 79,000 new positions in October, slightly lower than initially reported.

In November, jobs losses in construction and manufacturing were offset by job gains in retailing, education and health care, financial activities, leisure and hospitality, government and elsewhere.

Construction companies cut 29,000 positions last month, while factories shed 15,000. Retailers added more than 20,000 new jobs. Education and health services increased employment by 41,000 and financial services added 11,000 slots. Leisure and hospitality boosted jobs by 31,000 and the government by 18,000.

Encouraged by brightening job prospects, thousands of people poured into the labor market looking for work in November, pushing the overall civilian unemployment up.

By historical standards, however, a jobless rate in the range of 4.5 percent is relatively low.
American workers' average hourly earnings rose to 16.94 dollars, a 0.2 percent increase from the prior month. Over the last 12 months, wages grew by a strong 4.1 percent.

Growth in wages should support consumer spending, which accounts for two thirds of overall economic activity and is a major force pushing the economy to grow. But a rapid and sustained advance can raise inflation concerns.

Source: http://english.people.com.cn/200612/09/eng20061209_330492.html