Economy Adds 211,000 Jobs
- Aaron Phillips PUBLISHED ON: Dec 5, 2015
According
to the latest report from the Bureau of Labor Statistics, the US
economy added over 200,000 jobs in November. The numbers were also
adjusted upward for the two previous months. Unemployment fell slightly
to a flat 5%, down from right around 5.1%.
The government sector
also expanded last month, adding 14,000 new jobs to the economy. It was
outpaced by retail, which added 31,000 new jobs, and construction which
added 46,000 new positions.
The jobs numbers come at a critical
time for the economy, which is heading into the winter retail season as
we speak. In fact, the retail sector was one of the largest growth
points, along with construction.
Both sectors added jobs at more than twice the rate of the rest of the economy.
Black
Friday and the winter shopping season in general have come together to
give a big jolt to the jobless numbers. Seasonal spending is predicted
to be higher than normal in some sectors -- like toys and electronics --
but lower than average in general.
Americans are spending more
on big-ticket items than they were in previous quarters. Car sales are
at decade-long highs, and more new homes are being bought and sold. That
comes despite news that wages are stagnant, growing by only 2.2% over
the previous month.
Despite stagnant wages, the value of the US
dollar has boomed, offsetting some of the problem. It’s grown by 13%
year to date, and is expected to keep rising. It’s not just the dollar
getting stronger, though. Foreign currencies are getting weaker,
amplifying the buying power of each dollar. Import goods are cheaper
than ever, and the trend isn’t expected to reverse any time soon.
Of
course, the strong dollar does have some negative effects too. For
instance, multinationals and other companies which export American goods
are finding them more and more costly relative to overseas currencies.
That’s led to a slowdown in exports, and has hurt the jobs outlook in
some sectors.
Manufacturing also continues to be a sore spot,
shedding over 1,000 jobs this past month and struggling in general to
make a profit. Although there is more than one soft sector in this
economy, the net picture is one of growth and gains. The Dow is nearing
the 18,000 point mark which it attained before the slow summer, and
things are looking up as we head into the holidays.
