The US economy added 227,000 jobs in November, marking a rebound from hurricanes and striking workers that distorted October’s data. While job growth remains steady, economists warn of potential cooling trends.
“It’s a mixed bag,” said Kory Kantenga, head of economics at LinkedIn. “Momentum seems to be positive, but we need to see how this trend develops.”
The US unemployment rate ticked up to 4.2% from 4.1%, with jobless Americans staying unemployed for an average of 23.7 weeks, the highest duration since April 2022.
Manufacturing saw a notable gain, while retail industry lost 28,000 jobs due to seasonal factors. Wage growth was stronger than expected at 0.4%.
Despite solid gains, economists caution that the labor market may be weakening. The Federal Reserve’s future policy stance remains uncertain, with potential rate cuts in December.
Former President Donald Trump’s return to office and promised policy changes could impact the labor market. Economists urge policymakers to take action to keep the economy strong.
The US has added jobs for 47 consecutive months, making it one of the longest periods of employment expansion on record. However, the health of the labor market remains critical for the US economy and future monetary policy decisions.
Source: https://edition.cnn.com/2024/12/06/economy/us-jobs-report-november-final/index.html