IE Business Daily Business news for the Inland Empire.
The U.S. economy added 178,000 jobs in November and the unemployment rate fell to 4.6 percent, according data released Friday.
That was a drop of 0.3 percent compared with October and the lowest national unemployment rate since August 2007, the U.S. Department of Labor reported.
The national unemployment rate has been at or below five percent for nearly a year. November was the 74th consecutive month that the U.S. economy has added jobs, according to the labor department.
“This is a slow recovery, and that’s good because it means we didn’t make the mistakes that we made before,” Inland Empire economist John Husing said. “The dot-com bubble in the 1990s and the [sub-prime] mortgage crisis a few years later both set up the conditions for the next recession, but fortunately that didn’t happen this time.”
Wages were up 2.5 percent year-over-year in November, although that did mark a slight drop from October, the labor department reported.
