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Report: Economy Created 228,000 Jobs In November

Report: Economy Created 228,000 Jobs In November Promo Image

The U.S. economy continued to strengthen in November, creating an additional 228,000 jobs, according to the latest figures from the Bureau for Labor Statistics.

Employers have added jobs for 86 months in a row, the longest such period on record, according to The New York Times. Unemployment currently stands at 4.1 percent, the lowest it has been since 2000.

"It's a really, really strong economy," Tom Gimbel, chief executive of staffing agency LaSalle Network, told the Times. "Companies really want to take advantage of the economy, so they want to hire and get while the getting's good."

President Donald Trump's White House sought to take credit for the numbers.

"President Trump's bold economic vision continues to pay off," said Press Secretary Sarah Huckabee Sanders.

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The strong figures come as Congress is on the verge of passing an administration-supported tax reform bill, which will release billions to businesses through corporate tax cuts.

"It's a very poorly timed fiscal stimulus," said Joseph Song, an economist with Bank of America. "It kind of raises the risk of a boom-bust cycle."

But others disagree.

"A lot of people are making decisions this year assuming that it's going to happen," Mike Bolen, CEO of McCarthy Building Companies, said of the tax cut. "If it doesn't happen, I think you'll see some people pull back."

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Trump has indicated he may be ready to make certain changes to the tax reform before it is adopted, although specifics remain unclear.

"There are very, very few people that aren't benefiting by [the tax package], but there's that tiny little slither, and we're going to try to take care of even that very small group of people that just through circumstances maybe don't get the full benefit of what we're doing," stated Trump, according to The Washington Post.

The Post reported that Trump has been in discussion with former business associates in New York who had complaints about the current version of the tax reform.

The one major weak spot in the otherwise rosy economic picture is the persistent low rate of wage growth. Average wages have risen 2.5 percent over the past 12 months, amounting to little more than the rate of inflation.

However, an increase in the number of people voluntarily leaving their jobs to pursue new opportunities is providing cause for optimism.

"If people are feeling really confident and comfortable with the labor market, they're going to be more likely to seek that next opportunity," said Catherine Barrera of Zip Recruiter, according to the Times. "When we see that type of confidence, that's when wages will grow."

Sources: The New York Times, The Washington Post / Featured Image: Joyce Boghosian/ via Wikimedia Commons / Embedded Images: CJStumpf/Wikimedia Commons, Shealah Craighead/ via Wikimedia Commons

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