Job growth slowed for November….Unemployment Rate stays @ 3.7%…

The U.S. economy added 155,000 jobs in November, less than the 195,000 expected, while the unemployment rate held at 3.7%, a half-century low, the Labor Department said on Friday. Wages grew 3.1% year-over-year — the same pace as in October.

Between the lines: The job market remains strong, but the pace of job growth slowed in November as compared to the average monthly gain of 209,000 jobs in the past year. However, as Justin Wolfers, an economics professor at the University of Michigan points out, “this pace of expansion is more likely sustainable.”

The details:

• Health care, manufacturing, transportation and warehousing saw strong job gains.
• October’s job gains were revised lower to 237,000 from 250,000, while September’s employment gains were revised higher by 1,000 jobs.
• The labor force participation rate — the percentage of workers 16 and older who are working or looking for work — was unchanged in November.
• November marks the 98th consecutive month of job gains….

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Note…

Ask anyone you know if their wages grew by 3.7% in the last few years….