Job seekers got a bit of good news on Friday as the Bureau of Labor Statistics' national Employment Situation Summary (more commonly referred to as the jobs report) for November 2013 reported unemployment falling to a five year low. The report looked at unemployment, job creation, and wage data for the month of November. According to the jobs report, the unemployment rate fell from 7.3% in October to 7.0% for November, showing a steady trend of job creation in the US.
The unemployment rate isn't the only thing showing improvement on the jobs report; the average workweek also increased slightly to 34.5 hours, and the average hourly earnings increased by four cents to $24.15 per hour. These aren't isolated incidents, either. The job market has been trending upward throughout 2013. Since January, the average hourly wage has gone up by 2%.
Job creation has risen overall, with 2013 shaping up to be the best year for job creation in nearly eight years.
For those who were on the fence about making a career move in 2014, it may turn out to be a great time to start a job hunt. It's not always advisable to take a risk with a new company in times of economic trouble, but with the jobs report consistently showing positive results, it looks like a fantastic time to enter the job market.
Job creation is up, the unemployment rate is down, and wages are creeping higher. We will have to wait until next year to see what the jobs report for December looks like, but if this trend continues, it seems like it's going to be a very merry Christmas for many Americans.