U.S. employers added 227,000 jobs in November, according to government data, compared to last month, when jobs were destroyed by two devastating hurricanes and a massive strike by Boeing workers. It has recovered significantly.
Economists polled by FactSet expect payrolls to rise by about 200,000, down from September's revised figure of 223,000 but well above last month's 36,000. was revised upward from 12,000 on Friday.
The U.S. Bureau of Labor Statistics said the unemployment rate rose to 4.2% from 4.1% the previous month, while the number of unemployed people remained little changed at 7.1 million.
This is an increase compared to this time last year, when the unemployment rate was 3.8% and the number of unemployed people was 6.4 million.
S&P 500 futures were lukewarm, rising about 0.1% in premarket trading on Friday. The Dow Jones Industrial Average also rose 0.1%.
With inflation showing signs of calming, the Fed will be keeping an eye on employment data ahead of its Dec. 17-18 meeting in hopes of lowering the unemployment rate as it considers whether to cut rates further. are.
Mark Hamrick, senior economic analyst at Bankrate, said November's data was “that kind of” jobs report.
“The U.S. economy has shown remarkable resilience over the past few years, resisting fears of an impending recession, with an average of 173,000 jobs added over the past three months,” Hamrick said in a statement. .
The probability that the Federal Reserve will cut interest rates by a quarter at its December meeting rose to 90% after the jobs report, and was 68% as of this morning, according to CME FedWatch.
“While the job market has weakened, we view it as healthy,” Chris Zaccarelli, chief investment officer at Northlight Asset Management, said in a statement. “Despite this morning’s strong headline numbers, unless the next CPI report is a hot one, the Fed will focus on the overall slowdown in the job market and cut rates by 25 bps within two weeks.” There is a high possibility that
The number of people who have been unemployed for more than 27 weeks is little changed at 1.7 million, but this is up from 1.2 million last year.
Average hourly wages for non-farm payroll employees increased 0.4% to $35.61. Over the past 12 months, hourly wages have increased by 4%.
The change in non-farm payrolls for October has been revised from 12,000 new hires to 36,000.
