December 9, 2015
John Quinn, LaborPress USA
Washington, DC – The U.S. economy added 211,000 jobs in November and unemployment was 5.0%, remaining unchanged from the previous month, according to the U.S. Bureau of Labor Statistics (BLS).
In response to the November jobs numbers, AFL-CIO chief economist William Spriggs said: "The overall job growth in November is promising, but the lack of significant manufacturing growth reflects economic uncertainty. A rate hike by the Federal Reserve, in a world where the central banks for other major currencies have been lowering their rates to boost their economies, would lead to speculation on the dollar that will make it rise and disadvantage our export sector and its related jobs.
This uncertainty is heightened by China’s dumping of cheap steel and aluminum in the wake of adjusting to the slowdown in the Chinese economy." Wage growth continues to lag. The Fed needs to stay focused on what is happening to real wages and workforce participation with an eye toward making sure real median wages rise with productivity.