Hiring surged in November as employers added 321,000 jobs,
crowning 2014 as the strongest year for job growth since 1999. The unemployment
rate remained steady at 5.8%, according the government report released Friday.
That's down from 7% this time last year.
Hiring blew out the consensus forecast from economists
surveyed by CNNMoney, who expected a gain of 228,000 jobs. The U.S. economy has
been gaining an average of 224,000 jobs a month over the past year. Any month
with job gains over 200,000 is considered strong. Americans found employment in
a wide array of industries. Professional and business services added 86,000
positions, with particularly strong hiring in accounting and book keeping.
Retail trade employment rose by 50,000, thanks largely to
increased hiring by car dealerships and clothing stores. Many companies added
more to payroll this fall, anticipating a stronger holiday shopping season.
Wal-Mart added 10% more seasonal staffers than last year, while Kohl's hired 34% more. UPS and FedEx are
also augmenting their ranks more than last year.
While November's surge had a strong seasonal component, the
underlying trend has clearly shifted to a faster pace.
Wages still aren't
growing: Average hourly earnings rose by a stronger-than-usual 0.4%, though
the measure is up only 2.1% for the year. Stagnant wages have been a concern
for works and the economic policymakers at the Federal Reserve.
Wage growth still remains muted, likely because employers
still have their pick of job seekers, especially as discouraged workers start
sending out resumes again. So companies haven't felt compelled to offer higher
salaries.
Encouraging signs:
Many employers are putting out the "Help Wanted" sign. Take Sitel, a
global customer service outsourcing firm headquartered in Nashville, Tenn.
Sitel is so busy fielding its clients' customer inquiries
that it is adding 5,700 jobs in the U.S. to the roughly 13,000 positions it has
now. Nearly all the domestic jobs are full-time with benefits.
Young workers still
struggle: While hiring is picking up, many of the jobs aren't high-paying
ones. Millennials,
in particular, have lost ground, according to a new report
from the Young Invincibles, an advocacy group for that generation.
Median annual wages have fallen in nearly all of the most
popular industry sectors that employ 25 to 34-year-olds over the past decade.
In retail and wholesale trade, which employs the largest
share of these older Millennials,
median wages plummeted 15% to $25,000. Wages in the leisure and hospitality industry
fell 5% to $18,000. Only healthcare, the second most popular field, saw wages
grow, albeit by a paltry 2% to $30,000.
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