*(Via The Daily Beast) – The economy added 203,000 jobs in November, according to today’s data—and the unemployment rate dipped for the right reasons. There’s just one downside: stubbornly stagnant wages.
We’ve learned at least one thing this fall. The implementation of the Affordable Care Act and the approach of the health insurance mandate isn’t causing companies to fire workers en masse, hold back from hiring, or rush to place employees on part-time status.
Quite the opposite. In the last few months, hiring has been ramping up. On Friday, the Bureau of Labor Statistics reported that the economy added 203,000 payroll jobs in November. The unemployment rate, which is compiled from a separate survey, dipped to 7.0 percent from 7.3 percent in October.
The report contained plenty of good news. With the revisions for the previously reported September and October numbers, the economy has added 816,000 jobs in the past four months, and 2.29 million in the past year. This rate of job growth, an average of 204,000 a month since September—virtually all of it driven by private-sector hiring—has finally become sufficiently strong to drive down the unemployment rate. The labor participation rate and the size of the labor forces both rose in November from October. There was strength across the board, as virtually every major sector—manufacturing, construction, business services, health care, retail—added positions.
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