Job Growth Cools But Remains Solid as Unemployment Drops
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U.S. employers added 199,000 jobs in November. Job growth has slowed but remains resilient.
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Unemployment rate dropped to 3.7% in November. Rate had been drifting higher in recent months.
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Wage growth accelerated in November. Average hourly earnings rose 0.4% over the month.
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Job gains were concentrated in healthcare and government sectors. Manufacturing was stagnant, while retail shed 38,000 jobs.
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Data suggests economy is cooling but labor market remains strong. Supports Fed's hopes for a "soft landing" with moderating inflation.