U.S. hiring picked up in November and the unemployment rate tumbled to a nine-year low while wages unexpectedly declined, providing a mixed picture of progress in the labor market. The 178,000 gain followed a 142,000 rise in October that was less than previously estimated, a Labor Department report showed Friday. The median forecast in a Bloomberg survey called for a 180,000 advance. The jobless rate fell to 4.6 percent from 4.9 percent as people entered the labor force and found jobs, though the overall participation rate dropped for a second month.
A steady job market signals employers were willing to keep hiring in the days before and after the Nov. 8 presidential election, and the lower jobless rate suggests pay and inflation will continue to trend upward. At the same time, while the Federal Reserve is almost certain to raise borrowing costs this month, sustained weakness in wages or participation would weigh on the economic outlook.
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Last modified on Friday, 02 December 2016
