Economics
U.S. Payrolls Rise 228,000 While Wages Gain Less Than Forecast
- Lack of wage pickup suggests slack still remains; hiring solid
- Pay gains are ‘slower than what’s expected at this stage’
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The U.S. labor market has moved past a couple months of hurricane disruptions and returned to its regularly scheduled programming: solid hiring but tepid wage gains that suggest things aren’t as tight as the unemployment rate suggests.
Payrolls rose 228,000 in November, above the median economist estimate of 195,000, Labor Department figures showed Friday. Average hourly earnings increased 2.5 percent from a year earlier, less than the 2.7 percent projection, and October’s figures were revised lower. The jobless rate held at 4.1 percent, the lowest since late 2000.