The US job market experienced unexpected strength in November, with the addition of 199,000 jobs, surpassing expectations.
This growth was attributed in part to the return to work of striking employees in Hollywood and the automotive industry.
Consequently, the unemployment rate dropped to 3.7%, reaching its lowest level since July. The monthly employment report assumes significance as the Federal Reserve aims to manage inflation by raising interest rates.
Despite concerns of an economic slowdown, the robust job gains and a 0.4% increase in average hourly pay challenge expectations of a decline in interest rates.
1. Stronger-than-expected job growth in the US with the addition of 199,000 jobs in November.
2. The return to work of striking employees in Hollywood and the automotive industry contributed to the notable job gains.
3. The unemployment rate reached 3.7%, marking its lowest level since July.
4. Average hourly pay increased by 0.4% from October, with a 4% rise since November 2022.
5. The resilience of the US economy, expanding at an annual rate of 5.2%, challenges predictions of an economic slowdown, despite the Federal Reserve’s efforts to cool inflation by raising interest rates.
