The United States economy added approximately 228,000 jobs in November alone; slashing the unemployment rate to just 4.1 percent and busting expectations that predicted payrolls to grow by 200,000.
According to CNBC, average hourly earnings also rose by 0.2 percent in the same month; resulting in 2.5 percent growth in 2017.
“The November employment data is largely as expected. For an expansion that began in mid-2009, no negative surprises are welcome,” said a senior economic analyst at Bankrate.com. “The lingering impacts of recent hurricanes and flooding have reverted back to relative calm in the statistics, meaning that this is a ‘cleaner’ number.”
Surprisingly, the second largest gains were seen in the manufacturing sector; adding 31,000 jobs in the industry. The economy saw a total in goods-producing occupations tick upwards to 62,000.
Construction also saw steep gains, adding 24,000 jobs –most of which were in “specialty trade” contracts.
“With continued improvement in the labor market, room for continued upward trajectory in 2018 is likely limited because there’s not much slack left to hire workers for further growth,” said one economist.