The government's "official" jobs report came out today and shows a gain of 321,000 jobs. The number was considerably higher than most economists surveyed prior to the announcement predicted. The unemployment rate remained unchaged at 5.8%

Politico:

Job growth was “widespread,” BLS reported, “led by gains in professional and business services, retail trade, health care, and manufacturing.” Professional and business services rose 86,000, up from an average monthly gain over the past 12 months of 57,000. Retail rose 50,000, compared with an average monthly gain over the past 12 months of 22,000.

Overall, BLS judged autumn’s job growth to be greater than previously believed. October’s job growth was revised upward in the report, to 243,000, up from the previous estimate of 214,000, and September’s was revised upward to 271,000, up from 256,000.

The good news gave an immediate boost to stock futures, The Wall Street Journal reported, with the Dow Jones Industrial Average futures rising 0.3 percent and the S&P 500 futures rising 0.1 percent.

But the labor participation rate remained unchanged at 62.8 percent, essentially where it’s been since April. The number of long-term unemployed, which over the past 12 months has declined 1.2 million, was little changed from October, at 2.8 million.

Wages continued to lag. Average hourly earnings were $24.66, a 9-cent increase over October. Since the start of 2014, average hourly earnings have increased 2.1 percent. Wages remain well below their level before the 2007-2009 recession and below even their level at the recession’s end. They ticked up a bit in 2011 and early in 2013 but have remained largely flat since then.

Had average hourly wages grown at 4 percent since the recession — a reasonable rate during normal economic recoveries — they would be $3.16 higher, according to the Economic Policy Institute’s “wage tracker.” 

Perhaps the most encouraging news was the sharp rise in wages - 0.4% - which is the largest increase in nearly 2 years. But the reason for the lag is that there is still slack in the labor market and the jobs that are being created aren't as well paying as before the recession.

The relative good news comes with some downers too - especially the unchanged labor participation rate. Until that number begins to climb, too many Americans will be out of work and unable to find a job.