US added a strong 227,000 jobs in November in bounce-back from October slowdown
America’s job market rebounded in November, adding 227,000 workers in a solid recovery from the previous month, when the effects of strikes and hurricanes had sharply diminished employers’ payrolls
WASHINGTON (AP) — America’s job market rebounded in November, adding 227,000 workers in a solid recovery from the previous month, when the effects of strikes and hurricanes had sharply diminished employers’ payrolls.
Last month’s hiring growth was up considerably from a meager gain of 36,000 jobs in October. The government also revised up its estimate of job growth in September and October by a combined 56,000.
Friday’s report from the Labor Department report showed that the unemployment rate ticked up from 4.1% in October to a still-low 4.2%. Hourly wages rose 0.4% from October to November and 4% from a year earlier — both solid figures and slightly higher than forecasters had expected.
The November employment report provided the latest evidence that the U.S. job market remains durable even though it has lost significant momentum from the 2021-2023 hiring boom, when the economy was rebounding from the pandemic recession. The job market’s gradual slowdown is, in part, a result of the high interest rates the Federal Reserve engineered in its drive to tame inflation.
