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.
Jade Warshaw, personal finance expert and co-host of 'The Ramsey Show, joined Cheddar News to provide tips on how to save on engagement rings and to look at cheaper alternatives.
As the country watches the financial situation and monitors decisions from the Federal Reserve, many may be re-evaluating what to do with their money, with interest and mortgage rates at some of the highest levels seen in decades. Mark Hamrick, Washington bureau chief and senior economic analyst with Bankrate, joined Cheddar News to provide tips on your money management as monetary policy continues to change.
A Dutch recruitment firm found that only 42% of employees who have been laid off this year actually received severance, down from 64% who received severance in 2021.
Direct deposit delays due to a human error that happened last week have resulted in some customers still not receiving their paychecks.
Nestle is reportedly investing $100 million in food delivery startup Wonder Group.
Arturo Béjar testified before a Senate subcommittee on Tuesday about social media and the teen mental health crisis, hoping to shed light on how Meta executives, including Zuckerberg, knew about the harms Instagram was causing but chose not to make meaningful changes to address them.
Nike is suing two of its competitors for alleged patent infringement.
Uber missed analysts' projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.
Cheddar News breaks down some of the top business stories to look out for, including WeWork's bankruptcy filing and fast-fashion retailer Shein reportedly expecting a $90 million valuation upon its market debut. Plus, a new EV truck will have a backup gas generator.
WeWork has filed for Chapter 11 bankruptcy protection.
