How long will it take Orangutan to claim victory in economy???

Economy added 178,000 new jobs in November

By Marianne LeVine

The Labor Department's first post-election employment survey reported 178,000 jobs created in November, up from 142,000 in October.

Unemployment was 4.6 percent, down from October’s 4.9 percent and the lowest level in nine years.

Average private-sector earnings were down 3 cents over October, when they rose 11 cents. Wages were up 2.5 percent over November 2015.

Analysts said November's jobs report was a good sign for the economy.

Elise Gould, senior economist at the left-leaning Economic Policy Institute, said Friday's jobs report "shows that the economy continues to move in the right direction. ... at this rate of payroll employment growth, we could conceivably see full employment and accompanying stronger wage growth as early as next year."

John Canally, chief economist at LPL Financial, was slightly less enthusiastic. Canally told CNBC that "job growth is slowing," but noted that's "expected at this point in the business cycle." Nevertheless, Canally said the jobs report "keeps the Fed on track to tighten."

Friday's jobs report all but assures that the Federal Reserve will hike interest rates at its meeting later this month.

Analysts surveyed by Bloomberg had predicted the creation of about 170,000 jobs, an unemployment rate of 4.9 percent and an increase in hourly earnings of 0.2 percent. The payroll company ADP estimated Wednesday based on its own records that private-sector job growth in November was 216,000.

The jobs report followed news from the Commerce Department this week that GDP increased 3.2 percent during the third quarter of 2016, up from an initial estimate of 2.9 percent and well above the second quarter’s 1.4 percent and the first quarter’s 0.8 percent. Commerce’s final estimate for third quarter growth will be released Dec. 22.