The Department of Labor says the US economy added 178,000 jobs in November. The private sector added 156,000 jobs while state and local government added 22,000. Unemployment rate dipped to 4.6%, lowest since August of 2007.
The U.S. manufacturing index hit 53.2 in November, up from 51.9 in October. That is a seven-month high.
(Institute for Supply Management)
Construction spending increased 0.5% in October to $1.2 trillion. Construction spending is up 3.4% from a year ago. Private construction spending projects slowed 0.2%. Public construction spending jumped 2.8% rising for a third straight month. (Commerce Department)
Announced layoffs in November was 26,936 jobs, the lowest pace of the year. November layoffs were 12% less than the prior month and down 13% year over year. Year to date companies have announced 493,288 layoffs, down 5.5% from 2015. The retail sector saw the heaviest job cutting with 4,850 announced layoffs mostly from the bankruptcy of American Apparel. (Challenger, Gray & Christmas)
Join us this weekend for Financial Focus Radio when we will talk about what you should do with your bonds as interest rates rise.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.