With 211,000 jobs added in the month of November, the Federal Reserve may have just received to increase interest rates for the first time since 2008.
A report released by the Bureau of Labor Statistics Friday shows unemployment remained unchanged at 5 percent, with most gains coming from construction, professional, technical services and healthcare with the mining and information industries losing jobs.
The U-6 number, which takes underemployment into account, increased from 9.8 percent in October to 9.9 percent.
Employment numbers are one of the leading factors the Fed is taking into consideration while weighing whether the economy is stable enough to hike rates for the first time since the financial crisis.
Janet Yellen, the chairwoman on the central bank, indicated the increase was likely to be agreed on at the December meeting of the Federal Open Market Committee.
“The bottom line: The November report ensures that the Fed will move at the December meeting,”American Action Forum, a center-right Washington-based think tank said in a statement on the U-6 number. “It also eliminates any fears of downside risk to growth, but provides no evidence of a significant upshift beyond the 2.2 percent average since the recovery began.”
While the report was positive, House Ways and Means Committee Chairman Kevin Brady said more needs to be done to improve the economy.
“I’m worried about the continued lag in business investment which drives Main Street jobs. They are holding back because of the uncertainty that Washington has created,” said House Ways and Means Committee Chairman Kevin Brady in a statement. “There’s still too much potential sitting on the sidelines.”
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