U.S. Adds 227,000 Jobs in November, Unemployment at 4.2%, Wages Rise

Dec 6, 2024, 01:33 PM

The U.S. economy added 227,000 jobs in November, surpassing expectations of 200,000 to 220,000 new hires. This increase follows a significant rebound from October, where job growth was constrained by hurricanes and strikes, with payrolls revised to show an increase of 36,000 jobs. The unemployment rate edged up to 4.2%, in line with expectations, from 4.1% the previous month. Average hourly earnings rose by 0.4% month-over-month and 4.0% year-over-year, both exceeding forecasts. Manufacturing payrolls rebounded with an addition of 22,000 jobs, and private sector payrolls grew by 194,000. Government payrolls increased by 33,000, and the labor force participation rate dropped to 62.5% from 62.6%. September payrolls were also revised upward by 32,000, from 223,000 to 255,000.