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.
One of the most self-made and success stories in the country, Emma Grede, has worked along with the Kardashian Jenner family on many of their best-known brands. Grede, CEO and co-founder of Good American, gave back to the next generation of business leaders as a featured speaker at the Chase for Business Make Your Move summit last week. She spoke with Cheddar News about her career, her company's fashion brand, working with the famous Kardashian-Jennifer family and balancing her own family life.
Berkshire Hathaway, the conglomerate run by businessman Warren Buffett, reported its operating earnings in its most recent quarter jumped more than 40% from a year ago but posted its first net quarterly loss in a year.
Elon Musk's company XaI has announced a new chatbot called Grok.
SAG-AFTRA said over the weekend that it received the studios' last best and final offer following a meeting on Saturday, with the union saying it's reviewing it and considering a response "within the context of the critical issues addressed in our proposals."
Stocks rose slightly as Wall Street looks to continue its momentum with earnings season winding down.
Tyson Foods is recalling about 30,000 of its dino-shaped chicken nuggets after some consumers reported finding small metal pieces in those nuggets.
Google on Monday will try to protect a lucrative piece of its internet empire at the same time it’s still entangled in the biggest U.S. antitrust trial in a quarter century.
Before the SAG-AFTRA strike, this was the weekend “Dune: Part Two” was supposed to open. When Warner Bros. and Legendary pushed that opening back to March 2024 and no other blockbuster stepped in to take its spot.
A growing number of Californians are planting agave to be harvested forz use in spirits. The trend is fueled by the need to find hardy crops that don’t need much water and a booming appetite for premium alcoholic beverages.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street. This week we highlight Paramount, Maersk, Starbucks, Uber, Lyft and Beyond Meat.
