Jobs Report: US Economy Added 227,000 Jobs In November

According to the November job report, the U.S. economy continued its job growth in November, with a reported increase of 227,000 jobs across various sectors. Notable gains were observed in healthcare, leisure and hospitality, and government, which saw increases of 54,000, 53,000, and 33,000 jobs, respectively.

Unemployment rate ticks up to 4.2%

Despite the addition of jobs, the unemployment rate ticked up to 4.2%, rising from 4.1% in October. This shift is seen as a mild adjustment, as the labor market continues to show resilience.

The November jobs report, released ahead of the Federal Reserve’s December meeting, provides important insights as the central bank prepares to make decisions regarding interest rates. With inflation showing signs of easing and the pace of job growth slowing, economists expect the Fed to cut interest rates for the third time in 2024. These moves are reflective of broader economic trends and efforts to maintain stability.

Jobs report shows recovery from October report

November’s report comes after a disappointing October, where only 12,000 jobs were added, well below the expected 120,000. The October data was heavily impacted by two hurricanes and a significant strike involving 33,000 Boeing workers. This resulted in the weakest job growth since December 2020.

However, the end of the Boeing strike and the rebounding labor market in November show signs of recovery. The addition of 32,000 jobs in transportation equipment manufacturing was seen as a key factor in this recovery. Although the hurricanes continued to affect some sectors, gains in repair and renovation work helped to offset those challenges.

Latest jobs report follows ADP statement

The latest job report also followed a statement from ADP, the U.S.’s largest payroll supplier, which reported a smaller-than-expected increase of 146,000 jobs for October. ADP’s chief economist, Nela Richardson, noted weaknesses in manufacturing, financial services, and leisure and hospitality sectors, with manufacturing showing its weakest performance since spring.

As President-elect Donald Trump prepares to take office, economists are analyzing the potential impact of his policies on job creation. “One big source of uncertainty in the November data is the impact of Donald Trump’s plans for mass deportation,” said Dean Baker, economist and co-director of the Center for Economic and Policy Research. “The reference week was after the election, so there may already be some effect showing up in the data.”

Also Read: America First: Donald Trump Likely To Scrap All Overseas US-Funded Development Projects