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Solid US job growth cuts unemployment to 7 pct.

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Solid US job growth cuts unemployment to 7 pct. Empty Solid US job growth cuts unemployment to 7 pct.

Post by confuzzled dude Sat Dec 07, 2013 7:49 pm

In addition to the solid job gain and the drop in unemployment, Friday's report offered other encouraging signs:

  • Higher-paying industries are adding more jobs. Manufacturers added 27,000 jobs, the most since March 2012. Construction companies added 17,000. The two industries have created a combined 113,000 jobs over the past four months.
  • Hourly wages are up. The average rose 4 cents in November to $24.15. It's risen just 2 percent in the past year. But that's ahead of inflation: Consumer prices are up only 0.9 percent in that time.
  • Employers are giving their workers more hours: The average work week rose to 34.5 hours from 34.4. A rule of thumb among economists is that a one-tenth hourly increase in the work week is equivalent to adding 300,000 jobs.
  • Hiring was broad-based. In addition to higher-paying industries, retailers added 22,300 jobs, restaurants, bars and hotels 20,800. Education and health care added 40,000. And after years of cutbacks, state and local governments are hiring again. In November, governments at all levels combined added 7,000 jobs.
http://news.yahoo.com/solid-us-job-growth-cuts-unemployment-7-pct-163429433--finance.html

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