Headline Roundup • December 8th, 2023
US Economy Added 199,000 Jobs in November, Unemployment Rate Fell
Summary from the AllSides News Team
The U.S. economy added 199,000 jobs in November, according to the Bureau of Labor Statistics.
The Details: The unemployment rate fell to 3.7%, compared with the forecast of 3.9%. Economists expected 180,000 jobs added and the unemployment rate to hold steady, according to Refinitiv. Industries with the biggest job gains were health care (77,000 jobs added), government employment (49,000), and manufacturing (28,000). The labor force participation rate was at 62.8% and has remained flat for several months. Average hourly earnings rose 0.4% for the month and 4% annually.
For Context: The numbers come as some economists scale back their recession fears. The Federal Reserve will meet for the final time in 2023 next week, and will decide whether to raise interest rates again, hold them steady, or lower them after a year of hikes.
How the Media Covered It: Sources across the spectrum covered the news as a top story on Friday. CNN Business (Lean Left bias) noted that "continued strength in the labor market has helped fuel consumer spending and economic growth, but Federal Reserve officials believe slower demand (and slower wage growth) will help bring down inflation." Fox Business (Lean Right bias) said the data suggests "the labor market remains resilient even in the face of higher interest rates, stubborn inflation and other economic uncertainties."
Featured Coverage of this Story
Fox Business
U.S. job growth continued to chug along at a healthy pace in November, suggesting the labor market remains resilient even in the face of higher interest rates, stubborn inflation and other economic uncertainties.
Employers added 199,000 jobs in November, the Labor Department said in its monthly payroll report released Friday, as striking autoworkers and actors returned to work. That was slightly above the 180,000 jobs forecast by Refinitiv economists.
The unemployment rate unexpectedly fell to 3.7% after rising for three straight months, a drop that was driven by a sizable...
The US economy added 199,000 jobs in November, according to Bureau of Labor Statistics data released Friday.
The unemployment rate fell to 3.7% from 3.9% the month before.
Economists were expecting net job gains of 180,000 for the month and for the unemployment rate to hold steady, according to Refinitiv.
The largest employment gains last month came in health care and government, which added an estimated 93,200 and 49,000 jobs, respectively. Manufacturing saw a boost, too, largely because of the return of striking autoworkers.
Job creation showed little signs of a letup in November, as payrolls grew even faster than expected and the unemployment rate fell despite signs of a weakening economy.
Nonfarm payrolls rose by a seasonally adjusted 199,000 for the month, slightly better than the 190,000 Dow Jones estimate and ahead of the unrevised October gain of 150,000, the Labor Department reported Friday.
The unemployment rate declined to 3.7%, compared with the forecast for 3.9%, as the labor force participation rate edged higher to 62.8%. A more encompassing unemployment rate that includes...
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