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Analyzing the November Jobs Reports

The labor-market picture keeps getting brighter for American workers. Nonfarm payrolls increased 228,000 in November, beating consensus expectations. In the past year, payrolls are up an average of 173,000 per month. Although civilian employment, an alternative measure of jobs that includes small-business start-ups, increased only 57,000 in November, that gauge is up 196,000 per month in the past year, so some convergence in the two measures of jobs should be expected.
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