On November 7th, the government said employers have added 214,000 jobs for the month of October. Employers have contributed at least 200,000 jobs for nine consecutive months, which is the steadiest rate of job growth in almost 20 years. Analysts believe that the economic expansion in the US is stable enough to support the current pace of hiring, as the economy has grown 4.1% over the past 6 months.
Lower-paying industries have provided a significant amount of jobs. Retailers added 27,000 jobs and restaurant; hotels and entertainment firms added 52,000 occupations. Higher-paying industries also showed an increase in employment. Manufacturers contributed 15,000, transportation and shipping companies added 13,300, and professional and business services supplied 37,000 jobs. Overall, these contributions lowered the unemployment rate from 5.9% to 5.8%, meaning less than 9 million people are unemployed today.
Unfortunately, the average salary pay only rose slightly in the last month. Average hourly pay only rose 3 cents in October, which is only 2% higher than the average from last year. Stagnant wages have been a major concern for the job market since the recession ended.
Also detrimental to the U.S. economy are the dwindling economies overseas. Europe is almost in its third recession and growth in China and Japan is weaker. Exports fell in September, widening the trade deficit (meaning that the cost of a country’s imports exceeds the value of its exports). Many economists are concerned that the lack of global growth could create trouble for the U.S. economy.
Summary by MedicalGroups.com
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