U.S. Adds 227,000 Jobs in November
The U.S. economy added a massive 227,000 jobs in November according to the U.S. Department of Labor. 220,000 jobs were expected according to economists. This marks a significant increase from a disappointing October report which saw 36,000 jobs created, up from 12,000 according to revised numbers. The U.S. unemployment rate was largely unchanged, rising slightly in November to 4.2% from 4.1% in October.
Employment rose in the health care, leisure and hospitality, government, and social assistance sectors, while retail trade jobs were lost. Hurricanes in October combined with a strike at Boeing is believed to have heavily affected the lower October jobs report.
"The latest jobs data says the labor market is still going strong," said Elise Gould, senior economist with the Economic Policy Institute. "After the softer numbers in October from the weather and striking workers, November bounces back with strong job growth along with upward revisions."
The news comes as the Federal Reserve is set to meet later this month to cut interest rates one more time before the end of the year, with inflation settling in at the target 2% rate. The economy remains remarkably strong as President Biden concludes his term in office, and the uncertainty of Trump's tariff policy looms over what will likely be a volatile 2025.
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