Unemployment Rate Tumbles To 9-Year Low

Yahoo Finance reports:

In a stunning development, the Bureau of Labor Statistics just revealed that the US unmployment rate unexpectedly dropped to 4.6% in November. This is the lowest level since August 2007. Economists were expecting the rate to be unchanged from October at 4.9%.

During the month, US companies added 178,000 non farm payrolls, which was a tad lighter than the 180,000 forecast by economists. Average hourly earnings increased 2.5% year-over-year, which was weaker than the 2.8% pace expected.

Other employment data continue to reflect a healthy economy with lots of job growth. On Wednesday, ADP’s employment report showed that the US economy created around 216,000 jobs in November. Monthly surveys from the Richmond Fed, Dallas Fed, and NY Fed all signaled on going job growth. It seems Trump will be inheriting an economy that’s in great shape.