US economy adds 263,000 jobs in November, better than expected as hiring remains solid
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US Job Growth Surpasses Expectations Despite InflationNovember saw 263,000 new jobs added with unemployment steady at 3.7%, reflecting strong labor market resilience.
Key FactsDec 2, 2022 · Reading time: ~45 sec.
Summary created with AI assistance · Source: foxbusiness.com
Summary created with AI assistance · Source: foxbusiness.com
- The US economy added 263,000 jobs in November, exceeding analysts’ forecasts of 200,000 positions.
- The unemployment rate held steady at 3.7%, indicating continued labor market strength despite economic challenges.
- Average hourly earnings rose 0.6% in November, intensifying concerns about persistent inflation pressures.
- The Federal Reserve is anticipated to maintain aggressive rate hikes to combat inflation despite solid job gains.
"Right now, people's wages are being eaten up by inflation," Powell said Wednesday. "If you want to have a sustainable, strong labor market, where real wages are going up right across the wage spectrum, especially for people at the lower end, you've got to have price stability."— Jerome Powell, Federal Reserve Chair, said Wednesday
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November Employment Report Shows U.S. Economy Added 263,000 Jobs: Jobless rate remains at 3.7%, sign of continued strength in the labor market
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U.S. economy adds 263,000 jobs in November: The figures are the latest signal of a roaring labor market that continues to defy fears of a recession.
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