November’s job hiring continued to show signs of a strong economy and an indication that the Federal Reserve will raise interest rates later this month. This month, 211,000 new jobs were added, and unemployment held at five percent, according to the Washington Post, which has led to a tighter pool of job candidates.
“When the pool shrinks, it makes it harder,” Jennifer Durham, Senior Vice President, Chief Development Officer of Checkers and Rally’s, told the Washington Post. “I think minimum wages are increasing, and we’re going to have to adapt to accommodate that.”
The jobs data from November will play into the Fed’s December 15-16 policy meeting where economists anticipate that Fed Chair Janet Yellen will announce a rate hike.