The U.S. Bureau of Labor Statistics issued a robust jobs report Friday, with employers adding 199,000 jobs in November, beating analyst expectations, and the unemployment rate declining two-tenths of a point to 3.7% in a sign of a strong economy despite high interest rates.
Nevertheless, the professional and business services sector lost 9,000 jobs last month, including 2,500 in accounting, tax preparation, bookkeeping and payroll services. Employment in the retail trade sector also declined. Most of the job gains occurred in the health care and government sectors. Employment also grew in manufacturing, reflecting the return of workers from strikes in the auto industry. The motion picture and sound recording industries also added 17,000 jobs, thanks to the resolution of the actors and writers strikes. Jobs in the leisure and hospitality sector continued to trend upward by 40,000, mostly at food services and drinking places.
Average hourly earnings rose by 12 cents, or 0.4%, to $34.10 in November, and over the past 12 months, average hourly earnings have grown 4.0%.
The BLS also revised downward the job gains for September by 35,000 from a gain of 297,000 to 262,000 jobs, but the October total remained unchanged.
“The economy created 199,000 jobs in November, for a total of over 14 million jobs since I took office,” said President Biden in a statement. “That’s more than 14 million additional Americans who know the dignity and peace of mind that comes with a paycheck. The unemployment rate has remained below 4% for 22 months in a row, and inflation has fallen by two-thirds. Workers’ paychecks and household wealth are higher now than they were before the pandemic, after adjusting for inflation. On my watch we have achieved better growth and lower inflation than any other advanced country. A year ago, forecasters said it couldn’t be done.”
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