Home Business US economy creates 321,000 jobs in November

US economy creates 321,000 jobs in November

According to Labor Department latest figures, the US economy added 321,000 jobs in November, while the unemployment rate stayed at 5.8%.

The number of jobs created was well above analysts’ forecasts of about 225,000 new jobs in the month.

US employers have added at least 200,000 jobs for 10 months in a row, the longest period of jobs growth since 1995.

The number of jobs created has averaged 241,000 a month this year.

The Labor Department added that 44,000 more jobs were created in September and October combined than the government had previously estimated.

Stronger job creation has yet to lead to a significant increase in salaries.

Analysts said the US economy would continue to improve, despite lower global growth expectations.US jobs November 2014

They added that companies hiring temporary workers for the winter holidays could be providing a boost to the overall jobs figure.

The US economy is less dependent on exports than Germany, China and Japan, but is more reliant on domestic consumer spending.

Delivery firms have announced ambitious recruitment plans. UPS has said it expects to add up to 95,000 seasonal workers, up from 85,000 last year. FedEx plans to hire 50,000, up from 40,000.

The National Retail Federation estimates that seasonal retail hiring could grow by about 4% to as much as 800,000.

Most recent figures suggest Americans are buying more cars, which is likely to keep factories busy in coming months. Auto sales last month rose to their second-fastest pace this year. Car sales are on track to rise 6% this year from 2013.

The economy is expected to slow in the final three months of the year to an annualized growth rate of 2.5%, down from 4.3% from April to September.

Meanwhile, the US trade deficit fell slightly in October, as exports rebounded, while oil imports dipped to the lowest level in five years.

The deficit edged down 0.4% to $43.4 billion, as against a revised $43.6 billion in September, the Commerce Department reported.

Exports climbed 1.2% to $197.5 billion, recovering after a September dip.

Imports also rose by 0.9% to $241 billion, but that increase was tempered by a 0.6% fall in imports of petroleum, which dropped to the lowest level since November 2009.

[youtube niF2lXdSLGI 650]

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.