(Bloomberg) – So much for secular stagnation.
A November surprise that included a jump in wages as well as the biggest hiring surge in almost three years suggests the world’s largest economy is putting aside doubts about the strength of the expansion.
The 321,000 advance in payrolls followed a 243,000 increase in October that was stronger than previously reported, Labor Department figures showed today in Washington. The jobless rate held at a six-year low of 5.8 percent and earnings rose by the most since June of last year.
“It’s pretty impressive,” said Ethan Harris, co-head of global economics research at Bank of America Corp. in New York. The jump in payrolls “is the kind of number you get in a booming economy.”