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Economy Avoids Jobs Outlier

The U.S. adds 94,000 workers last month, a bit more than expected. The jobless rate stays 4.7%.

Updated from 8:52 a.m. EST

The U.S. economy created 94,000 jobs in November, slightly exceeding the consensus estimate, while the unemployment rate was unchanged last month.

Professional and technical services, health care and food services continued to add workers, the government said, but declines were seen in manufacturing and in several housing-related industries, including construction, credit intermediation and real estate.

Analysts surveyed by

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Bloomberg

ahead of the report, on average, were calling for an addition of about 80,000 workers to payrolls. The jobless rate stayed at 4.7%, the Labor Department said Friday. Average hourly earnings rose 0.5%.

Revisions to the data for September and October deducted a total of 48,000 jobs. September was the weak link, as October was altered to show a gain of 170,000, compared with the 166,000 previously reported.

Construction employment fell by 24,000 last month. Credit intermediation, which includes mortgage lending and related activities, contracted by 13,000 and has now given up 75,000 jobs since its peak in February. Real estate employment declined by 8,000 in November.

Meanwhile, employment in professional and technical services grew by 24,000 and has risen by 312,000 over the year. Health care created new jobs again, but the gain of 15,000 was less than half the average increase of 34,000 for the prior 12 months.

Food services and drinking establishments saw an increase of 17,000 workers, and retail trade grew by 24,000 employees. As for manufacturing, the downtrend persisted, driven by job losses in the construction materials segment.