Posted 12/8/2023, 8:30:29 PM
U.S. Job Growth Slows in November but Unemployment Hits New Pandemic Low
- U.S. economy added 199,000 jobs in November; unemployment rate dropped to 3.7%
- Wage growth was stronger than expected, rising 0.4% over the month
- Job growth is slowing but remains decent, fueled by service sectors and public sector
- Cyclical sectors like manufacturing and retail are showing more weakness
- Forecasters expect further slowdown in 2023-2024 as consumers draw down savings, but low odds of recession