November U.S. Job Growth Reaches 227K, Exceeding Expectations – One America News Network
OAN Staff James Meyers
8:43 AM – Friday, December 6, 2024
U.S. job growth rebounded in November with substantial payroll additions following a disappointing October jobs report.
Advertisement
The Labor Department announced on Friday that employers created 227,000 jobs in November, exceeding expectations set by LSEG economists.
The unemployment rate rose to 4.2%, increasing from 4.1% the previous month, aligning with economists’ predictions.
The jobs added in the two prior months were both revised upward, with September’s job creation increased by 32,000 from a gain of 223,000 to 255,000, while October experienced a revision up by 24,000 from 12,000 to 36,000.
Furthermore, private sector payrolls contributed 194,000 new jobs in November, just short of the projected 200,000 by LSEG economists.
Within the manufacturing sector, employment grew by 22,000 jobs in November, reflecting an addition of 32,000 positions in transportation equipment manufacturing, following the return of workers after strike actions.
This follows a decrease of 46,000 manufacturing jobs in October, which the Bureau of Labor Statistics attributed mainly to strike activities in the transportation equipment sector, where nearly 33,000 unionized machinists at Boeing were on strike from early September to early November.
Moreover, health care added 53,600 jobs in November, consistent with the sector’s average monthly increase of 59,000 over the past year. Within this sector, ambulatory health care services contributed 22,400 jobs, which included 16,000 jobs in home health care services, alongside increases in hospitals (19,300) and nursing and residential care facilities (+11,900).
Employment in leisure and hospitality rose by 53,000 jobs in November after remaining relatively unchanged the previous month. This figure surpasses the average monthly addition of 21,000 jobs in this sector over the last year, with the majority of gains occurring in food services and drinking establishments (+28,900).
Government jobs increased by 33,000 in November, primarily due to a rise in state government employment (+20,000). These government sector gains are largely in line with the 12-month average gain of 41,000.
The social assistance sector added 18,700 jobs in November, with individual and family services accounting for 17,200 of those jobs.
The labor force participation rate held steady at 62.5% in November, showing little change from a narrow range of 62.5% to 62.7% observed from December 2023.
Average hourly earnings for all employees on private nonfarm payrolls increased by 13 cents, or 0.4%, bringing the rate to $35.61.
The jobs report for November comes as the Federal Reserve plans to meet in mid-December to deliberate on a potential rate cut. Following the jobs report, market expectations for a 25 basis point rate cut by the Fed surged, with the probability climbing from 71% a day earlier to 87% as of Friday morning, according to the CME FedWatch tool.
“The economy continues to generate a healthy volume of job and income growth; however, the slight uptick in the unemployment rate dims some of the positive outlook for the labor market and provides the Fed the rationale it needs to lower rates in December,” stated Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.
Stay informed! Get breaking news alerts straight to your inbox for free. Subscribe here. https://www.oann.com/alerts
Advertisements below
