The November employment report, released today by the Bureau of Labor Statistics, shows the economy added 150,000 jobs continuing the momentum of a historically expanding economy.
The unemployment rate held steady at 3.7 percent for the third month in a row; and the number of employed Americans once again reached an all-time high of 156,795,000, the 13th record since Donald Trump became president.
Wages continued rising as well: In November, average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents to $27.35. Over the year, average hourly earnings have increased by 81 cents, or 3.1 percent. That is in sharp contrast under both President’s Obama and Bush when wages stagnated or even declined.
Among the major worker groups, the unemployment rates for adult men (3.3 percent), adult women (3.4 percent), teenagers (12.0 percent), Whites (3.4 percent), Blacks (5.9 percent), Asians (2.7 percent), and Hispanics (4.5 percent) showed little or no change in November.
The 5.9 percent unemployment rate for blacks matches the record low set in May. The November unemployment rate for Hispanics is just a tenth of a point higher than the record low of 4.4 percent.
That is seen as one reason President Trump’s approval rating among blacks, hispanics and asians has also risen to impressive levels.
On the negative side, the labor force participation rate remained stubbornly high.
In November, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 258,708,00. Of those, 162,770,000 participated in the labor force by either holding a job or actively seeking one.
The 162,770,000 who participated in the labor force equaled 62.9 percent of the 258,514,000 civilian noninstitutionalized population. The participation rate has showed little change since Trump took office. The highest it’s ever been is 67.3 percent in the year 2000.
Part of the reason is the expansion of welfare benefits under both Obama and Bush which created a permanent “underclass” of individuals who prefer to receive benefits rather than work. The numbers have continued to put strain on working Americans who must pay the taxes to support non-working, but able-bodied individuals.
The number of Americans not in the labor force — meaning they do not have a job and are not currently looking for one — was 95,937,000 last month, near its all-time high.
The Labor Department says job gains have averaged 170,000 a month over the last 3 months.