After strong numbers on private payrolls and weekly jobless claims, the monthly jobs report is on track to cement the notion that the job market is just about back in full force. Bobbi Rebell reports.
All signals are go for the U.S. job market. Lots of optimism the November data will show more of what we already know- and the Fed likes. More Americans want jobs, and are getting them. Both this week's ADP private payrolls report, and weekly jobless claims were encouraging. And there's been steady improvement this year. The unemployment rate coming down from over 7 percent to 5.8 percent and forecasts are for an added 230,000 jobs. Standard & Poor's Beth Ann Bovino: SOUNDBITE: BETH ANN BOVINO, U.S. CHIEF ECONOMIST, STANDARD AND POOR'S (ENGLISH) SAYING: "We think that that is actually a pretty nice reading. What we want to look for when we look at this report is what happens: are we seeing in both people getting jobs and people entering the work force. That is a good combination. People starting to feel confident in coming back to the workforce and people when they do landing a job this time around." The next question: how well are they getting paid? wage growth has been crummy- around 0.2 percent. Workers just haven't had the leverage to get more. That's where an indicator called the quit rate comes in. SOUNDBITE: BETH ANN BOVINO, US CHIEF ECONOMIST, STANDARD AND POOR'S (ENGLISH) SAYING: "The quit rate ususally indicates that workers start to feel more confident about their jobs prospects and maybe their bargaining power and they feel more confident enough that they can leave the job voluntarily. We've seen that now reach 6 year high which certainly suggests they are feeling more confident. " Confident because the jobs that are being created- are getting better: Bankrate.com's Mark Hamrick: SOUNDBITE: MARK HAMRICK, WASHINGTON BUREAU CHIEF, BANKRATE.COM (ENGLISH) SAYING: "Over time I would say over the past couple of quarters we've seen continued improvement in the quality of jobs being added. And it's really extended across the breadth of the job market. So we are talking about white collar jobs. Those in the business and professional sphere. We've seen some decent improvement in construction, retail has added some jobs. The trend expected to continue. Economists surveyed by Bankrate.com see the unemployment falling to 5.5 percent a year from now. And the vast majority expect the economic outlook to be strong enough for the Fed to raise rates as soon as the middle of 2015.