November Job Report: A Mixed Bag for Workers and Economists

In November, the job market bounced back with 227, 000 new jobs outside the farming sector, a big leap from the revised October figure of 36, 000. This rebound was driven by a drop in labor strikes and severe weather in the Southeast. Healthcare, leisure and hospitality, and government jobs led the way, adding 54, 000, 53, 000, and 33, 000 jobs respectively. However, the unemployment rate ticked up to 4. 2%, as the labor force shrank and more people stopped looking for work. A broader measure that includes discouraged workers and part-time jobs for economic reasons rose to 7.8%. Wages continued to climb, with average hourly earnings up 0. 4% monthly and 4% annually. Retail jobs took a hit, falling by 28, 000, potentially due to the delayed Thanksgiving. The report raised questions about the Fed's decision on interest rates, with traders betting on a rate cut in December. This comes as inflation is still hovering and the job market is slowing down.