Payrolls rose by 64,000 in November after falling by 105,000 in October, delayed jobs numbers show
Nonfarm payrolls were expected to increase by 45,000 in November as the unemployment rate rose to 4.5%.
TL;DR
- November nonfarm payrolls grew by 64,000, exceeding expectations of 45,000.
- October payrolls saw a sharp decline of 105,000, largely due to government employment cuts.
- The unemployment rate rose to 4.6% in November, its highest since September 2021.
- A broader measure of unemployment, including discouraged workers and part-time employees, reached 8.7%.
- The October report was abbreviated and marked the third negative payroll number in six months.
- August and September payroll numbers were revised downwards.
- Government shutdowns impacted the accuracy and timeliness of the labor statistics.
- Health care was the largest sector for job gains in November, adding 46,000 jobs.
- Construction and social assistance also saw job growth.
- Transportation and warehousing, and leisure and hospitality sectors experienced job losses.
- Average hourly earnings increased by 0.1% for the month and 3.5% year-over-year, the smallest annual gain since May 2021.
- Retail sales were flat in September, but excluding autos, sales increased by 0.4%.
- The Federal Reserve is carefully balancing labor market weakness against inflation concerns, having recently lowered interest rates.
- Market expectations for another rate cut in January remain low.