The US economy added 199,000 jobs in November and the unemployment rate fell to its lowest levels in almost 50 years at 3.7 percent, according to the latest unemployment figures released by the Bureau of Labor Statistics. This indicates that the country is heading in the right direction in terms of job growth and overall economic growth.
The positive job numbers come as a pleasant surprise after October’s numbers saw only 98,000 jobs created and the unemployment rate stayed flat at 3.7 percent, the same number it had been since August.
The new figures show that there were more job openings than jobseekers for the month of November, which is indicative of a healthier and more robust job market. The labor force participation rate, which measures the share of working-age people who are employed or looking for work, also rose to 63.1 percent.
Experts attribute the better than expected job growth to a tight labor market and a robust stock market. The growth in the labor market is also being fueled by small business owners who are looking to hire workers to help with the holiday season.
The positive numbers are a welcome sign for the US economy, as the 2019 end of year jobs report showed that economic growth improved over the year. The past twelve months saw total nonfarm payrolls increase by 2.1 million jobs and the unemployment rate fell to 3.5 percent.
The November jobs numbers show that the US economy continues to show signs of progress and the job market is slowly but steadily improving. The robust job market is a positive sign for the US economy, however, it is important to note that there are still millions of unemployed Americans who are still seeking work. It is also essential that the Federal Reserve keeps interest rates low in order to continue to stimulate the job market and prevent future economic downturns.