The U.S. added 266,000 jobs in November, a notable increase from the 156,000 added in October, the Labor Department reported Friday morning. The numbers crushed analyst expectations of 180,000. However, the strong numbers could make it unlikely the Federal Reserve will cut interest rates for a fourth time this year.
Unemployment in November also matched a 50-year-low of 3.5 percent and wages rose 3.1 percent from a year prior. Wage growth outpaces inflation but is not as high as during other periods of low unemployment.
Hiring was strongest in health care, restaurants, and transportation. Manufacturers added 54,000 jobs in November, 41,000 of which were striking General Motors workers returning to work. Overall, manufacturing has added few jobs this year. Even so, today's news is "definitely a good report, by all means," senior U.S. economist at Deutsche Bank Brett Ryan told Cheddar.
Today's positive report offers reassurance to some that the U.S. can weather a global economic slowdown.
Although Ryan cautioned, "I don't want to say that we are necessarily out of the woods yet."
Ryan said there were a few outliers that boosted numbers in the report, notably that position services hired 16,000, which is the largest that sector has ever hired, and department stores hired 15,000 employees, which is the most hired since 2015.
Even so, U.S. labor market's ability to so far withstand the global slowdown is "really crucial for the Fed and for the economy because what everybody is banking on is the U.S. consumer and consumer spending, in particular, is going to carry the day during this business spending slowdown."
Today's report, which drove up U.S. stocks, may help bolster President Trump as he continues negotiating with China. New tariffs are set to go in effect December 15, and the report "strengthens his hand," Ryan said.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Google has agreed to pay $700 million and make several other concessions to settle allegations that it had been stifling competition against its Android app store — the same issue that went to trial in another case that could result in even bigger changes.
Nicki Minaj just reached a milestone that no other woman in rap has reached.
Apple announced that starting this week, it will stop selling some versions of the Apple watch in the U.S.
Southwest Airlines will pay a $35 million fine as part of a $140 million settlement to resolve a federal investigation into a debacle in December 2022 when the airline canceled thousands of flights and stranded more than 2 million travelers over the holidays.
The House of Representatives recently passed a bill aimed at increasing transparency in healthcare.
If you have a flexible spending account, here's some short information for you so you don't leave money on the table.
With high healthcare costs, bills can quickly add up. In some cases, it is possible to negotiate your medical bills. Barak Richman, law professor at George Washington University, joined Cheddar News to discuss the easiest way to talk to medical debt companies about what's owed.
Millions of people have selected insurance plans for 2024 but sometimes navigating them can be tricky time consuming and expensive. Paula Pant, host of 'Afford Anything' podcast, joined Cheddar News to break down what's needed to know about their insurance plans.
The European Union is investigating Elon Musk's X over alleged illicit content and disinformation on its platform. Cheddar News breaks it all down and discusses what it could mean for users.
