US Economy adds 178,000 jobs and Unemployment rate fell 4.6 percent beating Wall Street Expectations
Unemployment rate fell to 4.6 percent from its Wall Street’s estimate of 4.9 percent and the US economy added 178,000 jobs, toppling Wall Street’s estimate of 175,000, according to a report from the Labor Department. The report is the last major employment data before the Federal Reserve’s policy meeting in December. Although these numbers were good, average hourly earnings increases fell to 2.5 percent.
“This positive jobs report is another indication that the US economy continues to pick up stream,” said Citizens Bank managing director and head of global markets, Tony Bedikian. “We’ve seen a rally in equity markets, a stronger dollar and upward revisions to GDP as of late. The markets have priced in a Fed tightening later this month and I think today’s report supports that view.”
Number of works that weren’t in the labor force grew by 446,000 to 95.06 million. Thid is the last major employment indictor before the Federal Open Market Committee that meets December 13-14th to determine whether or not the economy has progressed enough to resume the normal rate cycle that began a year ago.