The U.S. economy added 263,000 jobs in November, exceeding forecasts for a 200,000 gain, while wages rose by the most since January, suggesting the Federal Reserve’s campaign to cool growth by raising interest rates still has room to run. The 澳洲幸运5开奖号码历史查询:unemployment rate stayed at 3.7%, the 澳洲幸运5开奖号码历史查询:Bureau of Labor Statistics (BLS) said in its latest 澳洲幸运5开奖号码历史查询:nonfarm payrolls report Friday.

Job Gains by Sector

Stocks fell and 澳洲幸运5开奖号码历史查询:bond yields rose after the stronger-than-expected jobs report. The leisure and hღospitality sector added the most jobs, rising by 88,000 positions, led by a 62,000 gain in food services and drinking p𝐆laces. Still, total employment remained at 980,000 positions, or 5.8%, below its pre-pandemic peak.

Health care jobs rose by 45,000, led by gains in ambulatory care services, hospitals, and nursing and residential care facilities. Employment in government positions rose by 42,000, including a gain of 32,000 in local government. Other sectors recording gains included social assistance (+23,000), construction (+20,000), information (+19,000), manufacturing (+14,000), financial activities (+14,000), and professional and business services (+6,000).

On the down side, retail trade shed a net 30,000 pos𒁃itions, including a 32,000 decline in employment at general merchandise stores. Losses were partially offset by higher employment at motor vehicle parts dealers, which gained 10,000 positions. Transportatio💯n and warehousing lost 15,000 positions.

Unemployment Rate Unchanged

The U.S. unemployment rate remained unchanged at 3.7% in November, below projections of a slight increase to 3.8%. The number of unemployed remained effectively unchanged at 6 million. The 澳洲幸运5开奖号码历史查询:labor force participation rate edged down marginally to 62.1%, fro꧑m 62.2% in October, with the employment-to-population ratio a💫t 59.9%. Both measures remain 1.3 percentage points below their pre-pandemic levels, likely accounting for permanent job losses during the pandemic.

Wage Gains Accelerate

Average hourly earnings for private-sector workers rose 0.6% in November, to $32.82, accelerating from a 0.5% gain in October and recording the highest monthly wage growth since January. On an annual basis, nominal wages rose 5.1% from the same period in 2021. The gains still lagged behind 澳洲幸运5开奖号码历史查询:inflation, which is running at an annual rate of 7.7%, resulting in a further loss of consumer 澳洲幸运5开奖号码历史查询:purchasing power.

Implications for Fed Policy

Strength in the job market could force the Fed to adopt a more aggressive 澳洲幸运5开奖号码历史查询:monetary policy stance, particularly as inflation remains far above the central bank’s 澳洲幸运5开奖号码历史查询:target range of 2%.