The report also indicated that the economy is producing so many jobs that it continues to keep the unemployment rate at historically low levels.
The U.S. economy added 155,000 jobs in the month of November and the unemployment rate held steady at 3.7 percent, according to Department of Labor (DOL) data released Friday.
Wages hit 3.1 percent growth over a year in November, the first time in nearly a decade that wages have broken the 3 percent benchmark. Wage growth held steady at 3.1 percent through November from a year before.
The 3 percent benchmark has not been hit in year-over-year wage growth since April 2009. The increase in wages is an effect of the historically tight labor market as employers offer better pay to attract workers, The Wall Street Journal reported.
The Bureau of Labor Statistics jobs report data fell for jobs added under experts’ predictions of 198,000 jobs added, according to WSJ. Jobs data from October were revised downward from 250,000 to 237,000.