Job growth slightly abated in November alongside rising interest rates, but reflected stronger-than-expected hiring momentum, even as worries of a recession grow.
The Labor Department released the monthly jobs report for November at 8:30 a.m. ET on Friday. Here are the highlights, compared to Wall Street estimates compiled by Bloomberg:
Non-farm payrolls: plus-263,000 vs. plus-200,000 expected
Unemployment rate: 3.7% vs. 3.7% expected
Average hourly earnings, month-over-month: plus-0.6% vs. plus-0.3% expected
Average hourly earnings, year-over-year: plus-5.1% vs. plus-4.6% expected
October’s payroll reading was upwardly revised to 284,000 from 261,000 previously reported.
Employment numbers have moderated in recent months, but employers continue to hire at a robust pace even as the Federal Reserve presses on with its most aggressive monetary-tightening campaign in decades to loosen an extraordinarily tight labor market that has placed upward pressure on wages and contributed to stubborn inflation.
Average hourly earnings rose 0.6% over the month, higher than the prior month and Wall Street expectations. On an annual basis, wages climbed at a higher-than expected 5.1%.
Read the full report from Yahoo Finance here.