WASHINGTON–The newest jobs report sends “mixed” messages, according to one credit union economist.
According to the Labor Department figures, the U.S. economy added 199,000 jobs during November, a figure aided in part by 30,000 jobs added back to payrolls as the result of the end of the auto industry strikes. November marked the second consecutive month job gains have fallen below the average for 2023.
The unemployment rate hit 3.7%, which is higher than earlier in the year, but still near historic lows.
“The November jobs report was one with mixed messages. The household survey was generally strong, resulting in the first drop in the unemployment rate since July,” said NAFCU VP-Research and Chief Economist Curt Long. “The establishment survey showed more modest job gains, but also that wage growth accelerated during the month. With markets eyeing rate cuts in the first quarter of 2024, this report suggests that the labor market is still on solid footing, allowing the Fed to remain patient. NAFCU still anticipates the first rate cut in the second quarter."
The Highlights
Among the other data points in the new jobs numbers:
- Average hourly earnings advanced roughly 4% from a year earlier.
- Pay increases have become smaller in recent months compared with early in the year, when average hourly earnings for private workers rose as much as 4.7% annually.
- The healthcare industry added about 60,000 jobs a month on average in the six months through October, while government—including public schools and state agencies—gained an average of roughly 50,000 jobs monthly over the same period.
- In the past six months, hiring on average was essentially flat at retailers, while transportation and warehousing companies shed jobs, the Wall Street Journal noted.
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