'Goldilocks Jobs Day': Economists React To November Jobs Report On Twitter
Nonfarm payroll employment increased by 155,000 jobs in November, the U.S. Bureau of Labor Statistics reported Friday, marking the country's 98th straight month of employment gains. The unemployment rate held at 3.7% for the third consecutive month.
Job gains were led by the healthcare industry, which added 32,000 jobs in November, as well as manufacturing, which added 27,000 jobs. Manufacturing employment has increased by 288,000 jobs over the year.
Real estate-related industries like retail and construction showed little change over the month.
Here's how economists and others reacted to the jobs report on Twitter:
Welcome to the future of jobs numbers. The 155,000 this month is at the high end of what we’re likely to average over the next few years given that we’re at full employment plus or minus a little.— Jason Furman (@jasonfurman) December 7, 2018
Payrolls growth slows a little, but to a more sustainable +155k in November. The unemployment rate remains steady at 3.7%. Revisions suggest the two previous months weren't quite as strong.— Justin Wolfers (@JustinWolfers) December 7, 2018
While some may be disappointed, this pace of expansion is more likely to be sustainable.
155k jobs. Unemployment rate steady. Wage growth good but not huge acceleration. Wonder if this is a goldilocks jobs day. Not too hot (to worry markets that Fed must tighten) not too cold (to scare people that labor market is tanking).— Jay C. Shambaugh (@JayCShambaugh) December 7, 2018
Jobs report "suggests economic growth is gradually slowing back towards its potential pace. There is nothing here to suggest the economy is suffering a more sudden downturn." - @CapEconUS— James Pethokoukis (@JimPethokoukis) December 7, 2018
We added more jobs in professional services--consulting, engineering, computer design services, R&D--then in the entire goods producing sector. We are a rich country partially because we've succeeded in exporting high-value services. A trade-war is nuts.— Betsey Stevenson (@BetseyStevenson) December 7, 2018
So November jobs was a bit on the light side at 155,000 with a 3.7% unemployment rate and noice 3-handle on the wage growth. Start of a decline toward the economy's baseline, steady-state rate in job growth?— James Pethokoukis (@JimPethokoukis) December 7, 2018
A reminder for those who see this jobs report as a downer: the 3-month pace (170K) of payroll gains, if sustained, is clearly strong enough to put further downward pressure on the unemployment rate and thus, upward pressure on wage growth. Plus, it chills Fed hawks a bit.— Jared Bernstein (@econjared) December 7, 2018
For now, this month's jobs report is a continuation of "The Little Engine That Could" as the recovery has now yielded positive jobs growth for 8 years and 2 months in a row -- a new record!— Justin Wolfers (@JustinWolfers) December 7, 2018
Unemployment rate stable at low level of 3.7%. Has fallen steadily for years. pic.twitter.com/x80bLlvMFv— Aaron Sojourner (@aaronsojourner) December 7, 2018
More evidence the recovery is reaching the most vulnerable: The unemployment rate for Americans with just a high school diploma (or GED) was 3.5% in November, the lowest since 2000. pic.twitter.com/egTk5gy5KK— Ben Casselman (@bencasselman) December 7, 2018
A bit concerning: There are 4.8 million U.S. workers stuck in part-time jobs who want full-time employment.— Heather Long (@byHeatherLong) December 7, 2018
And that figure has risen 423,000 since August.
It could be a data fluke...or something deeper. Keep an eye on it. #JobsReport pic.twitter.com/r64LwrVHvV