Job Growth Slows While Unemployment Rate Drops, Fed Pauses Rate Hikes Amid Cooling Labor Market

New jobless claims rose by 12,000 last week to 218,000, indicating the labor market is cooling
Continued unemployment claims have increased since mid-September, suggesting those out of work are having trouble finding jobs
199,000 new jobs were added in November, up from 150,000 in October
The unemployment rate fell to 3.7% in November from 3.9% the previous month
The Fed has left interest rates unchanged for 3 straight meetings amid slower job growth and milder inflation, and is expected to end its rate hike campaign