Posted 12/8/2023, 4:00:00 PM
U.S. Job Growth Defies Expectations in November; Unemployment Hits 50-Year Low
- U.S. employers added 199,000 jobs in November, exceeding expectations and showing continued labor market resilience
- The unemployment rate unexpectedly dropped to 3.7% in November, reaching the lowest level since May 1969
- Average hourly earnings rose 0.4% for the month and 4% from a year ago, outpacing inflation and signaling strong wage growth
- The Federal Reserve is closely monitoring the jobs data for signs of a cooling labor market as it determines future interest rate policy
- Job growth is becoming less broad-based across sectors, signaling a slowdown from 2021's breakneck hiring pace, though conditions remain strong overall