Sat | Sep 19, 2020

US job figures for November highest in ten months

Published:Saturday | December 7, 2019 | 11:09 AM

Employers in the United States (US) added more than 260,000 jobs in November, the highest monthly figure in the past ten months.

Amid fears of an economic slowdown, the US Department of Labour, in its latest report, revealed that 266,000 jobs were added last month.

The US unemployment rate inched down to 3.5 per cent, the report also revealed.

Managing Director of Charles Schwab United Kingdom Richard Flynn told the British Broadcasting Corporation that the latest employment data had "surpassed expectations."

"The upbeat data reinforces the strength of both the labour market and consumer confidence, despite slowing global growth and continued trade uncertainty,” Schwab was quoted as saying.

Analysts believe the latest jobs figure was helped by striking General Motors workers returning to work and a big rise in healthcare posts.

The report by the US Department of Labour also showed wide-ranging gains in several key economic indicators, including some that were slow to revive after the last financial crisis.

As an example, the number of people working part-time, despite seeking full-time positions, dropped to 4.32 million, well below the 30-year average.

Further, it showed that wage growth, while still modest, also inched up, rising 3.1 per cent year-on-year.

The White House welcomed the gains, which officials said proved that President Donald Trump's economic policies are working.

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