Job numbers continue to increase after hurricane season
Although there is a worker shortage, job opportunities nationwide continued to grow during November. Businesses added 190,000 jobs last month, according to Payroll processor ADP. Economists believe the Labor Department will count 195,000 payroll additions in the public and private sector.
"The job market is red-hot, with broad-based job gains across industries and company sizes," said Mark Zandi, who is chief economist of Moody's Analytics. "There is a mounting threat that the job market will overheat next year," which will increase wages and inflation.
Unemployment peaked during the Great Recession at 10 percent in October 2009; since then, with a few brief exceptions, the jobless rate has fallen steadily to where it now stands at 4.1 percent. However, some argue that these numbers are not accurate due to the number of people who have stopped looking for work being excluded from the unemployment numbers.
Hiring has slowed this year compared to 2016 because of the low unemployment rate, which makes it harder for employers to find qualified workers. The average 169,000 monthly job gains counted by the Department of Labor in 2017 are enough to lower the jobless rating.
Because of the hurricane in September, jobs increased by 18,000 in Texas and Florida. The Labor Department reported 261,000 new jobs in October. During the first eight months of the year, an average of 176,000 jobs were added per month.
ADP counts workers as employed if they are on payroll, even if they do not show up within a given week. The results of their survey were above the numbers for September and below those in October.
In November, ADP said medium-sized companies added 99,000 jobs, small businesses added 50,000, and large ones added 41,000.