Headline RoundupDecember 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."

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