U.S. jobs gains beat estimates by a wide margin in November, according to the Bureau of Labor Statistics, as payrolls increased by 266,000 for the month. In doing so, unemployment matched a historic, 50-year low and the percentage of those without jobs in the U.S. stayed the same at 3.5%.
The increase in jobs was the most since January, according to Bloomberg , and beat estimates by a wide margin. In fact, the news publication said that the 266,000 figure topped estimates of just 180,000 and proved much higher than the October job gains of 156,000. The Bureau of Labor Statics also revised new job totals in October to 156,000 from 128,000. September’s gain was raised to 193,000 from 180,000. Wage growth also continued to advance. Average hourly earnings in November went up by seven cents, which annualizes to wage growth of 3.1%, well ahead of inflation.
As a result of the tremendous job gains, it’s likely that the Federal Reserve will hold interest rates steady for the month.