OAN’s James Meyers
3:37 PM – Friday, December 8, 2023
November was another strong month for employment creation, with even more positions being created in different fields.
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Employers created an additional 199,000 jobs last month, according to the U.S. Department of Labor, who stated the findings on Friday in its monthly payroll report.
The statistics are higher than the expected 180,000 jobs forecast by Refinitiv economists.
The unemployment rate unexpectedly fell to 3.7% after rising for three straight months, which can be attributed to a lower unemployment rate for the teenage demographic.
Meanwhile, gains for September were revised down by a total of 35,000 jobs to 262,000, the government reported, which suggests that the labor market is weaker than what experts are claiming. October’s gain was unaffected at 150,000 jobs.
“Today’s jobs report shows a continued stabilization following the hot summer hiring season, leading to a New Year reset,” said Becky Frankiewicz, chief commercial officer of ManpowerGroup. “We’ve anticipated a stabilization, and we’re moving toward it slowly but surely.”
Additionally, economists believe that the Fed is done with its tightening campaign, however, Chair Jerome Powell noted last week that it would be “premature” to assume that there will be no more rate hikes.
“To the extent that the market was expecting four (or more) rate cuts next year, reports like this one are bound to cast shade on that belief and could lead to disappointment in the short run,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Stocks also reportedly fell, with futures tied to the Dow Jones Industrial Average dropping 0.4%.
Job gains were up in a handful of departments in the past month, with the most notable gain being in the field of health care at 76,800, government-related jobs at 49,000, and leisure and hospitality positions at 40,000.
However, according to the U.S. Department of Labor, employment end up declining in retail, specifically noting department stores as well as furniture companies.
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