Home » Jobs, non-farm payrolls: US economy adds 199,000 jobs in November

Jobs, non-farm payrolls: US economy adds 199,000 jobs in November

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Jobs, non-farm payrolls: US economy adds 199,000 jobs in November

I non-farm payrolls that is, new jobs, excluding agriculture, in the United States increased by 199,000 in November 2023, slightly better than the 190,000 estimated, the US Department of Labor reported on Friday.

At a time when the economy is expected to slow, Friday’s jobs report shows that employers actually increased the pace of hiring in November.

Non-farm payrolls for the month of November 2023

Non-farm payrolls or new payrolls, excluding the agricultural sector in November, indicate job creation in the US. The data released for November indicates that there are no signs of a slowdown: payrolls grew faster than expected and the unemployment rate fell despite signs of a weakening economy.

Se it non-farm payrolls increased by 199,000 units, the unemployment rate fell to 3.7%, compared to the forecast of 3.9%. Average hourly wages, a key indicator of inflation, rose 0.4% in the month and 4% from a year ago. The monthly increase was slightly higher than estimates of 0.3%, but the annual rate was in line.

The healthcare sector experienced the greatest growth, with an increase of 77,000 units. Other growth sectors included government (49,000), manufacturing (28,000) and leisure and hospitality (40,000). Ahead of the holiday season, retail lost 38,000 jobs, half of them in department stores. Transportation and warehouses also saw a decline of 5,000 units.

Payroll growth has averaged 204,000 over the past three months, a solid gain although well below the 342,000 level for the same period in 2022. The unemployment rate over the past 12 months rose just 0 .2 percentage points, reaching 3.9%, a value higher than that of the beginning of the year, but still characteristic of a robust economy.

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However, the current situation is characterized by a series of dynamics that have made today’s data particularly crucial. Investors were in fact awaiting the publication of market data US workhoping to have confirmation on the end of the restrictive cycle of American monetary policy.

The reaction of the markets

Markets reacted mixed to the non-farm payrolls data, with US stock market futures slightly negative, while Treasury yields rose. Futures linked to Dow Jones Industrial Average they lost 100 points, equal to 0.3%, those on the S&P 500 also fell by 0.2% and finally those on the Nasdaq 100 lost 0.6%.

Policy makers of Fed they keep a particularly close eye on these numbers. Containing labor demand has been one of the central pillars of the U.S. central bank’s unprecedented tightening cycle, which has driven interest rates to two-decade highs. “Overall, the release of Nonfarm Payrolls puts the Fed in a wait-and-see mode, there is no rush to cut rates with this strong employment market, in fact, it may be premature,” said the president of Toggle AI Joseph Seven.

The Fed will decide on rates next Wednesday.

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