nonfarm payrolls increased by 178,000 jobs last month after increasing by 142,000 in October, the Labor Department said on Friday.Economists had forecast payrolls rising by 175,000 last month and the unemployment rate remaining unchanged at 4.9 percent. "The decline in the unemployment rate and the unambiguous decrease in labor market slack are likely to place further upward pressure on inflation. Economists believe that the low participation rate is hindering faster wage growth.Job gains last month were broad, though manufacturing shed another 4,000 jobs. Manufacturing payrolls have now dropped for four straight months. Retail jobs have declined for two straight months.Professional and business services payrolls increased by 63,000 last month.

Source: The Star December 03, 2016 14:44 UTC