WASHINGTON—The latest jobs report – with 228,000 jobs gained in November – keeps the Federal Open Market Committee (FOMC) on track to raise rates when it meets beginning today, according to NAFCU Chief Economist and Vice President of Research Curt Long.
The unemployment rate remained at 4.1% in November as 148,000 workers joined the labor force, matching the lowest unemployment rate since 2000.
"This was a solid report, albeit one that failed once again to show ever-elusive wage growth," said Long. "But the addition of 230,000 jobs combined with steady unemployment will not give the Fed any pause as officials prepare to raise rates later this month."
The FOMC’s meeting runs through tomorrow.
In other report data, total private-sector payroll employment increased by 221,000 jobs during November. The goods-producing sector increased by 62,000 jobs, while the service sector increased by 159,000 jobs. Public sector employment rose by 7,000 jobs from the prior month, Long noted.
Average hourly earnings increased five cents to $26.55 in November. Over the last 12 months, wages are up 2.5%. Since 2009, year-over-year wage growth has averaged just 2.2%, Long noted.