12/12/2023

In November, U.S. Payrolls Rose 199,000

Meanwhile, the unemployment rate fell to 3.7 percent

Job creation showed little signs of a letup in November, as payrolls grew even faster than expected and the unemployment rate fell despite signs of a weakening economy.

Nonfarm payrolls rose by a seasonally adjusted 199,000 for the month, slightly better than the 190,000 Dow Jones estimate and ahead of the unrevised October gain of 150,000, the Labor Department reported Friday. The numbers were boosted by sizeable gains in government hiring as well as workers returning from strikes in the auto and entertainment industries.

The unemployment rate declined to 3.7 percent, compared with the forecast for 3.9 percent, as the labor force participation rate edged higher to 62.8 percent. A more encompassing unemployment rate that includes discouraged workers and those holding part-time positions for economic reasons fell to 7 percent, a decline of 0.2 percentage point.

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