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A report released by the U.S. Department of Labor on Friday shows that slowing job growth may be the result of a labor shortage. In its brown paper report released this week, the Federal Reserve said that due to labor shortages, most of the companies interviewed in its 12 Federal Reserve regions said that "the pace of employment growth tends to be at the low end of a moderate to moderate range".
The labour market is considered to be close to or in full employment. The number of non-agricultural jobs increased by 155,000 last month, with the lowest increase in construction jobs in eight months, possibly due to unusual cold weather.
"This data is still robust, indicating that economic growth is slowly declining towards trend growth," said Paul Ashworth, chief economist at Capital Economics in Toronto. "There is no sign that the economy is suffering a more sudden decline."
The slowdown in employment growth in November is also in line with other data, which show that job cuts have increased in recent weeks and that the service sector employment index fell last month.
Data were downgraded in September and October, showing that the number of new non-farm jobs fell by 12,000 compared with previous reports. Analysts surveyed by Reuters had previously estimated that non-farm jobs would increase by 200,000 in November. The unemployment rate remained near the 49-year low of 3.7% in November, and the working-age population increased by 133,000.
The average hourly wage rose by 6 cents, or 0.2%, in November. The salary increase in October was revised down to 0.1% from 0.2% previously announced. In the 12 months to November, wages grew by 3.1%, the same rate as in October, the biggest increase since April 2009.
The company also reduced workers'working hours. The average working hours per week decreased from 34.5 hours in October to 34.4 hours.
Prior to the employment report, the United States had released a series of weak data, including housing data, investment in corporate equipment and trade deficits soaring to 10-year highs, which exacerbated market concerns about economic expansion. The expansion of the U.S. economy has lasted for nine years, the second longest in history.
The fourth quarter economic growth rate is estimated to be about 2.7%. The economy grew at a rate of 3.5% in the third quarter. The sharp fall in the US stock market and the partial inversion of the US Treasury bond yield curve have heightened concerns about the health of the economy.


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