'New Normal' November Jobs Report Not Good

If the US labor market were back at pre-Great Recession levels, this would have been a pretty decent employment report. Net new jobs were up 203,000 last month with gains broadly based, bringing lower unemployment and underemployment rates. November also saw a nice bump in hours worked, which when combined with an increase in average hourly earnings, points to â??a robust advance in wage income,â? according to RDQ Economics. The firm also adds, â??The evidence from the labor market shows that the momentum in the economy was sustained through the period of the government shutdown.â? Good stuff all.