November's payroll data exceeded consensus expectations, marking the 50th straight month of positive job growth. Total nonfarm payroll employment increased by 321,000 on net, the strongest month of hiring since January 2012. The average monthly gain over the prior 12 months is 224,000. Job gains were widespread, led by growth in professional and business services (up 86,000), retail trade (up 50,000), goods-producing (up 48,000, with manufacturing adding 28,000 and construction adding 20,000), services (up 39,000, with financial activities adding 20,000), and education and health services (up 38,000, with health care adding 29,000).
Revisions to the previous two months’ estimates added 44,000 jobs on net. September was revised up from 256,000 to 271,000, and October was revised up from 214,000 to 243,000.
