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U.S. economy adds 199,000 jobs in November

Published Dec 08, 2023 08:33AM ET Updated Dec 08, 2023 09:41AM ET
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Investing.com - The U.S. economy added more jobs than anticipated in November, in a sign of lingering robustness in the American labor market that could factor into how the Federal Reserve approaches its future interest rate decisions.

Nonfarm payrolls increased by 199,000 jobs last month after rising by 150,000 in October, according to data from the Labor Department's Bureau of Labor Statistics (BLS). Economists had estimated that payrolls would climb by 180,000 roles. Job gains came from areas like health care and government in particular, the BLS said, while the end of protracted automotive industry strikes in November led to more positions in the manufacturing sector.

Average hourly earnings, a key gauge of wage growth, rose at a monthly pace of 0.4% versus October, accelerating from a previous reading of 0.2% and faster than predictions of 0.3%. The unemployment rate in the world's largest economy, meanwhile, unexpectedly ticked down to 3.7%.

Friday's data complicates an emerging narrative that the Fed's unprecedented period of monetary policy tightening may be working to cool labor demand.

Earlier this week, separate figures showed that job openings touched an over 2-1/2-year low and fewer workers resigned from their positions in October, while private employers added less roles than anticipated last month. However, in a note to clients, analysts at Evercore ISI argued that the hints of a weak employment report suggested by these other data points were "not correct."

Loosening the jobs market has been a major focus of the Fed's move to lift borrowing costs to a range of 5.25% to 5.50% -- the highest mark in more than two decades. In theory, a slowdown in demand for workers could alleviate some upward pressure on wages and, by extension, help achieve the Fed's ultimate objective: defusing elevated inflation.

Traders had been hoping that the payrolls numbers would provide more clues into when the Fed could begin slashing rates next year. According to the CME's closely-monitored FedWatch Tool, the probability of a quarter-point reduction as soon as March dipped to just under 46% after the jobs update, down from a little over 55% just a day ago.

"[This is a] solid jobs report which suggests [the] market has gotten ahead of itself pricing in rate cuts in [the first quarter]," said Kathy Jones, Chief Fixed Income Strategist at Charles Schwab (NYSE:SCHW), in a post on social media platform X.

U.S. equity markets opened lower following the publication of the much-anticipated payrolls report. The rate-sensitive U.S. 2-year Treasury yield and benchmark U.S. 10-year yield both advanced. Bond prices typically fall as yields rise.

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U.S. economy adds 199,000 jobs in November
 

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Comments (38)
Maximus Maximus
Maximus Maximus Dec 08, 2023 5:39PM ET
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I'm so tired of winning under Biden.. can't wait for the orange one to come back and run the country into the ground...
Ken Roth
Ken Roth Dec 08, 2023 5:39PM ET
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Lets not go there again….having the deranged trump back in white house now as a convicted fellon with a mission to abolish democracy…is a nightmare scenario for usa and the world
Mark Gesswein
Mark Gesswein Dec 08, 2023 4:17PM ET
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Government hiring IRS agents and auto workers going BACK to work after ending a strike is NOT creating jobs. Try again, Biden syncophants.
Maximus Maximus
Maximus Maximus Dec 08, 2023 4:17PM ET
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more mindless propaganda from russian troll mark...
AbT eSLA
AbT eSLA Dec 08, 2023 4:17PM ET
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You're right Mark Gesswein. Sometimes I wonder how we got this far
Teena Marie
Teena Marie Dec 08, 2023 4:17PM ET
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What are you complaining about? The IRS has been underfunded for 20 years and the recent commitment to fund replacing retiring employees with new agents has been withdrawn.
Ken Roth
Ken Roth Dec 08, 2023 3:03PM ET
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But Trump says america is worse than ever????Unemployment at 3.6% we have growth in economy, stocks are higher than ever, inflation is dropping, we produce more oil and gas than ever, europe is buying weapons from our factories more than ever + oil and gas…
Andy Mayr
Andy Mayr Dec 08, 2023 11:53AM ET
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DEEP RED AT END OF DAY
True Stamp
True Stamp Dec 08, 2023 11:50AM ET
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Crowds gathering on the edge of a cliff. Someone sneezing and the whole thing comes down crashing. I am watching and eating popcorn. Camera as well as broker account login details next to me.
Symmetries Research
SymResearch Dec 08, 2023 11:34AM ET
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Note how these articles just regurgitate the final output data. These articles 'were' supposed to dissect the report and THEN report the detail analysis but no. Just, repeating ABCD as it is.
Stuart Smith
Stuart Smith Dec 08, 2023 10:43AM ET
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so, 20,000 seasonal temp jobs drive the market think tank?
Stuart Smith
Stuart Smith Dec 08, 2023 10:41AM ET
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a specious overrated stat, non farm payrolls manipulated by the algorithm fat cats 🐈 for their own gain, and ONLY pumped up by temp. seasonal jobs. pathetically dumb and predictable.
Maximus Maximus
Maximus Maximus Dec 08, 2023 10:16AM ET
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Bidenomics is working. a strong labour market and a resilient economy all point towards a soft landing.
Casador Del Oso
Casador Del Oso Dec 08, 2023 10:16AM ET
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Consumer debt doesn't matter.
Andy Mayr
Andy Mayr Dec 08, 2023 10:16AM ET
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bidenomics is bankrupting this country.; be prepared for a recession in the coming months. a sixth grader can figure that part out. free government money for 3 years equals recession
Tre Hsi
Tre Hsi Dec 08, 2023 10:16AM ET
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funny that you didn't say the same when the orange messiah added $8T to the national debt in just 4 year......
soho electronics
soho electronics Dec 08, 2023 10:10AM ET
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one is a fool to short this market. S&P will hit 5000 by month end
TheLast LoserDon
TheLast LoserDon Dec 08, 2023 10:10AM ET
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there are some fools around for sure since many have not enjoyed the stock valuations and use old methods to try to predict a bear market. Thoughts and prayers for them.
Casador Del Oso
Casador Del Oso Dec 08, 2023 10:10AM ET
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Fundamentals are meaningless, economic indicators are useless, and fighting the FED works. This time is different. LOL
Andy Mayr
Andy Mayr Dec 08, 2023 10:10AM ET
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never..... maybe in 2025
 
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