Manufacturing job growth led the way in November, adding 33,000 new jobs, and bringing the total new manufacturing jobs in 2017 to 189,000.
Even the battered retail sector added more than 18,000 new jobs, bringing employment in that sector to levels not seen since March.
Why it matters: As lawmakers rush to pass tax reform aimed at goosing the economy, the jobs market is running as hot or hotter than any time in the past decade.
One puzzling thing: Wage growth still remains muted, even with rock bottom unemployment. As economist Justin Wolfers frames it:
The key puzzle remains: With unemployment this low, why aren't we seeing faster nominal wage growth? Suggests that the economy still has room to run without igniting inflation.— Justin Wolfers (@JustinWolfers) December 8, 2017
Implications for the Fed: Incoming Fed Chair Jerome Powell will have to navigate this vexing question as the central bank attempts to steer interest rates higher without puncturing the economic recovery.