The article speaks about the increase in jobs in the US private sector. It created around 216,000 jobs in November, which was higher than the expected 165,000 jobs. Private
companies added a net 216,000 positions during the November, smashing the
165,000 estimate from economists surveyed by Reuters and marking the best month
since June. Services dominated the month, with the sector adding
228,000 positions, while goods-producing industries lost 11,000 jobs. Also, within the
broad services sector, trade, transportation and utilities created 69,000 jobs
while professional and business services contributed 68,000, led by 47,000 in
administrative and support services. Education and health services contributed
43,000 to the total, while the burgeoning leisure and hospitality industry saw
payroll growth of 38,000. Wall Street positions continued to increase as well,
with a net 12,000 new hires in the financial services industry.
However, on the downside of things, manufacturing jobs continued to
decline, losing 10,000, while mining declined 4,000. Construction added 2,000. Small
business has led the jobs recovery, but that wasn't the case in November. Firms
with 500 or more employees grew by 90,000, while businesses with 50 to 499
employees added 89,000. Small business contributed just 37,000 to the total. Economists
are expecting 173,000 total growth and 165,000 for private payrolls and the
unemployment rate is expected to stay unchanged at 4.9 percent.
It's great to see a boom in the creation of jobs in the private sector, which is good for the economy. However, on the manufacturing and mining, side things do not seem to be going so well, which could be due to cause of new technology and businesses trying to go “green”.
ReplyDeleteIt is a positive thing that we are seeing an increase in jobs in he US private sector. I think this relates to what Mark Schweitzer said a the Economic Outlook Conference. He mentioned that payroll employment growth is pushing down the unemployment rate and that next year looks like a good year to enter the labor market.
ReplyDeleteThis is a great example of the continued rise of the service industry within the U.S. economy. It will be interesting to see how the Trump Administration will deal with this evolving economy yet bringing back rust belt, manufacturing jobs.
ReplyDelete