The U.S. economy added 263,000 jobs in November and the unemployment rate held steady at 3.7 percent, the Labor Department said Friday.
percent, the Labor Department said Friday.
The Labor Department’s Job Opening and Labor Turnover Survey showed that there were 10.3 million job openings at the end of October, around 1.7 vacancies for every unemployed person. Federal Reserve officials frequently cite the vacancy ratio as evidence that the labor market is so tight that it risks fueling inflation.
“In the labor market, demand for workers far exceeds the supply of available workers, and nominal wages have been growing at a pace well above what would be consistent with 2 percent inflation over time. Thus, another condition we are looking for is the restoration of balance between supply and demand in the labor market,” Fed chairman Jerome Powell said this week.
Leisure and hospitality added 88,000 jobs, including a gain of 62,000 in bars and restaurants. Health care added 45,000 jobs. Government employment grew by 42,000, of which 32,000 were in local government. Construction employment grew by 20,000 despite the recession in the housing market. Manufacturers added 14,000 jobs, less than half the monthly average this year. Despite headlines about layoffs in the tech sector, information technology companies added 19,000 jobs.
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