Economy adds 321,000 jobs

The economy added 321,000 jobs in November, a huge number that surpassed expectations. 

The unemployment rate held steady at a six-year low of 5.8 percent.

{mosads}It’s the strongest month of job growth since January 2012, and the 10th straight month the economy has added more than 200,000 jobs. 

It’s also the most jobs the economy has added in a year since 1999. Job growth has averaged 241,000 jobs a month this year, according to the Bureau of Labor Statistics.

The report revised figures for September and October to show more growth.

September’s figure was revised up to 271,000 from 180,000, while October saw a bump to 243,00 jobs from 214,000.

Overall, the economy has added 2.65 million jobs this year. 

The U.S. economy has delivered a record 50 straight months of payroll growth, Justin Wolfers, a senior fellow at the Peterson Institute for International Economics said Friday on Twitter. 

The strong growth comes as Republicans are about to take over control of the Senate next year after a triumphant midterm election. 

But it will bolster the Obama administration’s arguments about its stewardship of the economy.

It also will raise questions for the Federal Reserve, which is considering interest rate hikes for the first time since before the recession.

Jack Kleinhenz, chief economist for the National Retail Federation, said the report “shows a broadening improvement in the labor market and confirms strength in an expanding economy.”

“Solid seasonal demand, reduced prices at the pump, and the high though erratic levels of business and consumer confidence, all are supportive of job gains,” he said.

Gas prices have dropped steadily over the last few months, giving consumers increased purchasing power.

Job gains were widespread across several sectors.

Manufacturing added 28,000 jobs and employment in professional and business services increased by 86,000 in November.

Construction jobs were up 20,000, and retailers added 50,000 jobs as the holiday shopping season begins.

The economy grew at a 3.9 percent annual pace in the July-September quarter, which was better than initially reported, the Commerce Department said last week. 

Still, despite consistent jobs growth and other positive economic indicators, there are about 6.9 million people stuck in part-time jobs who want full-time work. 

The number of those out of work for at least six months or more fell to 2.8 million, representing 30.7 percent of the unemployed.

During the past year, the number of long-term unemployed declined by 1.2 million. 

The number of hours worked rose slightly by 0.1 hour and average hourly wages were up 9 cents or 2.1 percent over the year, a pace where they have been stuck for the past several years. 

But Dan Alpert, managing partner of Westwood Capital, suggested not to draw much from the wage bump because most of the increase wound up in the paychecks of the top 18 percent of workers.