U.S. economy adds fewer jobs than forecast in November, unemployment rate holds at 3.7%
https://www.yahoo.com/finance/news/live-november-jobs-report-130148944.htmlThe November jobs report is out and shows the U.S. labor market continues to hum along.
In November, the economy added 155,000 jobs and the unemployment rate stayed at 3.7%.
Nonfarm payrolls were forecast to rise by 198,000 in November with the unemployment rate expected to hold steady at a post-crisis low of 3.7%, the lowest overall unemployment level since 1969.
Wages were in-line with expectations, with average hourly earnings rising 0.3% over last month and 3.1% over the prior year. Wage growth has been closely tracked for signs of inflation pressures in the economy. In October, wages rose 3.1% over the prior year, the fastest pace of annual wage growth since April 2009 while 250,000 new jobs were created.
Following Friday’s report, U.S. stock futures were higher following news that OPEC would cut oil production, sending crude oil prices up over 3% and bringing markets higher.
“The slightly more modest 155,000 gain in payroll employment in November may not go down well in markets given the heightened nervousness in recent months, but this is still a solid gain that suggests economic growth is gradually slowing back towards its potential pace,” said Paul Ashworth, chief U.S. economist at Capital Economics.
“There is nothing here to suggest the economy is suffering a more sudden downturn.”----MORE---
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