US employers added 321,000 new jobs in November and the the DJIA and SP500 both smashed records.
So what? The jobs suck. They are in are in retail, temp services and warehousing. And because the publicly traded companies that are listed in the Dow and SP500 are not investing in manufacturing, the trading markets don’t reflect the economy experienced by the vast majority of Americans. Sure, the 1% is in great shape, but average Americans continue to be left out in the cold by the post NAFTA economy.
WASHINGTON (AP) — U.S. employers added a whopping 321,000 jobs in November, the biggest burst of hiring in nearly three years and the latest sign that the United States is outperforming other economies throughout the developed world.
The Labor Department also said Friday that 44,000 more jobs were added in September and October combined than the government had previously estimated. Job gains have averaged 241,000 a month this year, putting 2014 on track to be the strongest year for hiring since 1999.
The unemployment rate remained at a six-year low of 5.8 percent last month.
The robust job gains come after the economy expanded from April through September at its fastest pace in 11 years. The additional jobs should support steady growth in coming months.
Average hourly wages rose 9 cents to $24.66 last month, the biggest gain in 17 months. Yet in the past 12 months, hourly pay is up just 2.1 percent, barely ahead of the 1.7 percent inflation rate.
The job gains were fueled in part by strong hiring in retail, temporary services and transportation and warehousing.