Labor Markets Bounce Back From Dreary October

By: Tomas Ronolski - AllPennyStocks.com News

Friday, December 6, 2024

The U.S. labor market rallied in November, adding 227,000 new jobs, sharply higher than the 36,000 from October (increased from the first estimate of just 12,000). The much-watched nonfarm payrolls report also came in higher than expectations of 214,000. October’s sharply lower number was largely due to Boeing’s strike and Hurricanes Helene and Milton, which forced businesses to close across the Southeast and sidelined workers.

Separately, the unemployment rate ticked up to 4.2 percent from 4.1 percent. Employment edged up in health care, leisure and hospitality, government, and social assistance. As workers returned to their jobs after the Boeing strike, employment also increased in transportation equipment manufacturing. Conversely, retail trade lost jobs.

The number of unemployed people changed little in November, at 7.1 million. Still, it is higher than last year when the jobless rate was 3.7 percent, and the number of unemployed people was 6.3 million.

The jobs report is the last look at the labor markets before the Federal Reserve’s next policy meeting on Dec. 17-18. Given softening inflation and a slowdown in the jobs market, the central bank is widely expected to cut interest rates for the third time in 2024.

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