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In the latest labor market report, US employers added 178,000 new jobs in November and the unemployment rate fell to 4.6%. While there’s still more than a month before President-elect Donald Trump is sworn into office, the report gives a pretty clear picture of the labor market he'll inherit, the Wall Street Journal reports.
1. Low Unemployment
Unemployment recently fell to 4.6%, sitting at its lowest level in nine years. Still, this number does not reflect the large number of Americans not currently working or not looking for work.
2. Decent Job Growth
The US economy has been adding a healthy number of jobs over the last two years, averaging 2.3 million a year. This could give Trump a boost during his first year in office, since more jobs means a larger tax base.
3. Low Wages
While job growth has been strong, wage growth hasn’t—average weekly earnings limped forward 2.1% over the past 12 months. That’s the weakest figure on record for any November when a new president was elected. [WSJ]
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