Posted 12/6/2023, 2:50:09 PM
US Job Growth Slows in November as Labor Market Cools
- US private payrolls rose by 103,000 jobs in November, slowing hiring rates point to cooling labor market
- Gap between wages for job changers vs job stayers closing, indicating normalizing labor market
- Services industry accounted for all job gains, typical for this time of year
- Boost in hiring for restaurants/hotels during pandemic recovery is over
- Data suggests more moderate hiring and wage growth in 2024 as post-pandemic trends normalize