Jamie Cox, managing director at Harris Financial Group, analyzes the post-Thanksgiving markets, retail and employment sectors and the Bitcoin rally.
US job growth picked up in November with strong payroll gains after October’s weak jobs report reflected labor disruptions caused by the hurricane and union strikes.
The Labor Department said on Friday that the employer 227,000 jobs added in November, beating forecasts made by LSEG economists.
The unemployment rate rose to 4.2%, up from 4.1% a month earlier, also in line with expectations.
The number of jobs added in the past two months was revised higher, with job creation in September revised up by 32,000 to 255,000 from a gain of 223,000, while in October it was revised up by 24,000 to 36,000 from a gain of 12,000.
Private sector payrolls added 194,000 jobs in November, just short of the 200,000 expected by LSEG economists.
manufacturing sector Employment saw an increase of 22,000 jobs in November, including an increase of 32,000 in transportation equipment manufacturing after the return of workers who had been on strike.
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This is the result of a decline of 46,000 manufacturing jobs in October, which the Bureau of Labor Statistics attributed largely to strike activity in the transportation equipment manufacturing sector, as approximately 33,000 unionized machinists at Boeing were on strike from early September to early November. .
Health care added 53,600 jobs in November, in line with the sector’s average monthly gain of 59,000 over the past 12 months. inside the sector, ambulatory health care services Home health care services added 22,400 jobs, including 16,000 jobs, while employment also increased in hospitals (+19,300) and nursing and residential care facilities (+11,900).
Health care added 53,600 jobs in November, in line with the sector’s average monthly gain of 59,000 over the past 12 months. (Jeff Greenberg/Education Images/Universal Images Group via Getty Images/Getty Images)
Leisure and hospitality employment increased by 53,000 jobs in November, compared to little change from the previous month. The figure is above the average of 21,000 jobs added per month in the sector over the past 12 months, with most of the gains occurring in food services and drinking venues (+28,900).
Government employment increased by 33,000 jobs in November, while the increase was concentrated in state government (+20,000). Government sector profits were mostly in line with the 12-month average profit of Rs 41,000.
ADP says private sector added 146,000 jobs in November, less than expected
The social assistance sector added 18,700 jobs in November, of which 17,200 were in personal and family services.
There was little change in construction (+10,000 jobs), financial activities (+17,000) and employment transportation and storage (+3,400).
The retail sector lost 28,000 jobs in November after seeing little net change in employment levels over the past 12 months. Most of the decline occurred at general merchandise retailers (-15,000), while electronics and appliance retailers added 3,600 jobs to offset some of the sector’s losses.
The retail sector lost 28,000 jobs in November after seeing little net change in employment levels over the past 12 months. (Frederick J. Brown/AFP via Getty Images/Getty Images)
The labor force participation rate was 62.5% in November, which has seen little change from the previous year, and remains in a narrow range of 62.5% to 62.7% through December 2023.
Average hourly earnings for all workers on private non-farm payrolls rose 13 cents, or 0.4%, to $35.61. Over the past 12 months, average hourly earnings have increased by 4%.
The number of people considered long-term unemployed, defined as having been unemployed for 27 weeks or more, was little changed in November at 1.7 million from a month earlier. This figure is 1.2 million more than last year. The share of long-term unemployed among all unemployed people in November was 23.2%.
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The November jobs report comes as the Federal Reserve is scheduled to meet in mid-December to discuss possible interest rate cuts. Market expectations that the Fed will cut rates by 25 basis points rose after the jobs report, with the probability rising from 71% a day earlier to 87% Friday morning, according to the CME FedWatch tool.
“The the economy continues to produce “Job and income growth has been strong, but a further rise in the unemployment rate has taken some of the shine off the labor market and could push the Fed to cut rates in December,” said Ellen Zentner, chief economic strategist at Morgan Stanley. ” Money management.
