November labor report: job growth rebounds
The US labor market rebounded in November by adding 227,000 jobs, according to the Bureau of Labor Statistics. The unemployment rate inched up slightly to 4.2%, from 4.1% in October.
In November, healthcare, government, and leisure and hospitality saw the largest job gains.
Healthcare added 54,000 new jobs, while leisure and hospitality gained a whopping 53,000 new roles. Government roles saw an increase of 33,000 positions, while the professional and business services sector experienced a robust recovery from the previous month, adding an impressive 26,000 jobs.
The November report exceeded economists’ expectations, and it’s clear that the job market is resilient. Based on the report’s findings, the Fed will likely cut interest rates by a quarter-point when they meet later this month.
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Download the November labor report
Source: November 2024 Monthly Jobs Report, Bureau of Labor Statistics
