Politics

Report: U.S. Economy On Pace For Best Year In Over A Decade

| by Edward Arnold

The U.S. economy added 321,000 jobs in November, capping the best three-month period since the financial crisis. While the unemployment rate stayed at 5.8 percent over the month, it is still the lowest mark since July of 2008.

In a report released by the U.S. Department of Labor, the Obama administration says that the economy has already added more jobs in 2014 -- 2.65 million so far -- than in any year since the late 1990s. The economy has added at least 200,000 jobs per month for 10 straight months now -- something that hasn't happened since 1994. The private sector alone has added a total of 10.9 million jobs over the last 57 months.

Two important industries have seen tremendous growth. According to the White House, the pace of manufacturing job growth has doubled this year -- from 7,000 per month to 15,000 per month. Construction jobs have also risen from 13,000 per month last year to 21,00 per month in 2014.

Other industries that saw job growth in November were the professional and business services (86,000 jobs), retail (50,000 jobs), health care (29,000 jobs) and financial industries (20,000 jobs).

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The report was timely, as Congress must find a way to fund the government by Dec. 11 in order to avoid a government shutdown.

Jason Furman, chairman of the White House's Council of Economic Advisers, explained that "to create an enviornment in which this progress can continue, it is critical that Congress take the basic steps needed to fund the government and aviod creating disruptive and counterproductive fiscal uncertainty."

Source: Washington Post / Photo Credit: US Bureau of Labor Statistics