The unemployment rate remained low at 3.7% in November, which is the lowest rate since December 1969. The jobless rate remains well below the rate of what is generally believed to be the “natural rate of unemployment” of 4.5%, which suggests that upward pressure on wage rates will continue.
Average hourly earnings for all employees on private nonfarm payrolls rose in November by six cents. Over the past 12 months, average hourly earnings have increased by 81 cents, or 3.1%. This was the same as last month and the strongest pace since 2009.