The US economy added 263,000 new jobs in November, beating the pundits’ expectations of around 200,000 and continuing the record-setting pace of job creation at the beginning of President Joe Biden’s tenure.
According to the Bureau of Labor Statistics, the unemployment rate held steady at 3.7%, with 5.6 million people looking for work but unable to find an appropriate job. Currently, US employers report more than 10 million openings. Leisure/hospitality and health care were the top industries making hires.
Since taking office in January 2021, Biden has overseen the creation of more than 10.5 million jobs, averaging 478,000 new jobs created every month. Month over month, wages increased by 18 cents to $32.82, 5.1% higher than one year ago.