The U.S. economy added 199,000 net new jobs in November, pushing the unemployment rate down to 3.7% in the process.
The latest jobs report was stronger than expected and provided further evidence that the U.S. economy remains resilient despite persistent inflation and higher interest rates used to lower consumer prices.
Nonfarm payrolls in America during November increased by 199,000, better than the 190,000 jobs expected by economists, and ahead of October’s job growth of 150,000 positions, according to data from the U.S. Labor Department.
As a result, the U.S. unemployment rate fell to 3.7% in November from 3.9% in October.
Average hourly earnings in the U.S., a key inflation indicator, increased by 0.4% month-over-month and rose 4% from a year ago.
The monthly increase in hourly earnings was slightly ahead of the 0.3% estimate among economists. The yearly increase matched forecasts.
The major U.S. stock indices fell on news of the strong jobs report as it could encourage the U.S. Federal Reserve to hold interest rates at current levels longer or possibly raise them again.
Officials at the U.S. central bank have said that they want to see a marked slowdown in the labour force before they ease off their current monetary policy tightening regime.
