US Job Market Showed Growth In November
Job growth in the US surged in November after previously being impacted by hurricanes and various industry strikes. However, unemployment rates also rose, “pointing to an easing labor market that should allow the Federal Reserve to cut interest rates again this month,” according to Lucia Mutikani for Reuters.
According to the employment report from the Labor Department, last month showed solid wage growth. The economy created 56,000 more jobs in September and October than what experts initially estimated.
“Today’s payroll report reinforces the case for a Fed cut in December, but without inciting any meaningful worries about the labor market,” said Seema Shah, chief global strategist at Principal Asset Management.
“Nonfarm payrolls increased by 227,000 jobs last month after rising by an upwardly revised 36,000 in October,” the Labor Department’s Bureau of Labor Statistics said.
The healthcare sector saw a 54,000 rise in jobs throughout services, hospitals, nursing, and residential care facilities.
Leisure and hospitality payrolls increased by 53,000 jobs, and government employment increased by 33,000, according to the reports.
“Manufacturing payrolls rebounded by 22,000 positions as the end of strikes at Boeing and another smaller aerospace company boosted transportation equipment jobs by 32,000. Social assistance payrolls increased by 19,000 jobs,” Mutikani wrote.
In October, Hurricanes Helene and Milton and strikes in the aerospace industry caused a decrease in payrolls.
In November, around 193,000 individuals left their jobs, pushing the labor force participation rate down from 62.6% to 62.5%.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at eric.mastrota@thenationaldigest.com.
