The United States’ headline unemployment rate remained unchanged at 3.7 percent in November, its lowest level since 1969, while non-farm payrolls in the world’s largest economy rose by 155,000, the Labor Department reported Friday.
The US economy remains close to full employment, although the number of new jobs was below the 190,000 forecast by economists.
A key highlight of the jobs report was the rise in average hourly wages for all employees on private nonfarm payrolls, which climbed $0.06 to $27.35 in November from October.
Average hourly wages climbed by $0.81 - or 3.1 percent - year-over-year, marking the second straight 12-month period that increase was more than 3 percent. Wages are estimated to keep moving upward due to the robust labor market.
The Bureau of Labor Statistics’ employment situation report for October 2018 showed that wages and salaries had climbed more than 3 percent on a yearly basis for the first time since 2009.
The US labor force participation rate (the share of the population 16 years and older either working or seeking work) remained unchanged from the previous month at 62.9 percent.
US employment has risen for 97 consecutive months, the longest jobs-expansion streak on record.