He U.S. job growth accelerated in November and the number of unemployed people went down to 3.7%, even though more people joined the workforce. These data indicate a structural strength of the labor market. In that way, the report indicated that the expectations that the Federal Reserve could cut rates in the first quarter of 2024 they were premature.
Non-farm payrolls added 199,000 jobs last month, the Bureau of Labor Statistics (BLS) of United States Department of Labor in its employment report.
According to the report, the working market was seen driven partly because of return of automobile industry workers and of the actors after strikes. The data from October were not reviewed and showed a increase of 150,000 jobs. This occurred within the framework of predictions that indicated the creation of 180,000 jobs.
About 25,300 members of the sUnited Auto Workers Indicator (UAW) put end to their work stoppages against the “Big Three” Detroit automakers on Oct. 31, according to a strike report, while 16,000 members of the SAG-AFTRA actors union returned to work.
Employment grows in the US: what effect it can have on Fed rates
US Central Bank expected to keep rates unchanged next Wednesday. Since March 2022, the official interest rate has increased by 525 basis points, to the current range of 5.25% to 5.50%.
He increase in employment is very much over the 100,000 monthly jobs needed to maintain the growth rate of the working-age population.
The unemployment rate fell to 3.7% from the 3.9% in Octoberhe highest level in almost two years. In April had risen From a minimum of 53 years, 3.4%. The increase, however, was due to a increase in labor supplyrather than layoffs by companies.
The average hourly earnings increased by 0.4% after having uploaded a 0.2% in Octoberwhich kept the annual increase in wages at 4.0% in November.
Source: Ambito
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