The U.S. bureau of Labor Statistics published its latest release and brought good news for the workers. The data showed that the U.S. nonfarm employers managed to create 263,000 jobs in November. Although the job growth number is slightly lower compared to October when the employers added 284,000 jobs. However, the number is significantly higher than what the economists from Bloomberg predicted (200,000 jobs). Similarly, the unemployment rate also remained stable and stood at 3.7% during November.
5.1% increase in average hourly pay
The U.S. economy is going through turbulent times and inflation stands at a record high. Therefore, Fed has imposed high interest rates to curb the soaring inflation. Surprisingly, the United States labor market is defying all odds and U.S. employers are adding thousands of jobs month after month. Simultaneously, there is a scarcity of workers and there are more active jobs than the people looking for jobs. Hence, the companies are also offering higher wages in order to attract and retain the workers. In November alone, average hourly pay jumped 5.1% compared to a year ago. Similarly, the month on month increase in wages also rose by 0.6% in November and is welcomed by the workers. However, this increase in average wages may be worrying for Fed as it may undermine its efforts to curb inflation.
Leisure and hospitality led the way
Leisure and hospitality sector turned out to be the most productive sector in terms of job growth. The sector added 88,000 jobs in November. Significantly, leisure and hospitality sector lost millions of jobs when the pandemic struck and lockdown was imposed in April 2022. However, the sector is now on road to recovery since and is an important contributor in terms of job growth. Similarly, construction and manufacturing sector employers added 20,000 and 14,000 jobs respectively. On the other hand, there are few underperforming sectors with negative job growth in November. Retail trade witnessed an employment fall by roughly 30,000 jobs. Whereas, the transportation and warehousing reported a loss of 15,000 jobs.
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