Job creation surged in November, with nonfarm payrolls rising by 227,000, a significant rebound from October’s 36,000, which had been impacted by a labor strike and storms.
The unemployment rate increased slightly to 4.2%, due to a decrease in the labor force participation rate.
Job gains were led by sectors like healthcare, leisure and hospitality, and government, while retail trade saw a decline.
Worker pay rose by 0.4% from the previous month and 4% year-over-year, CNBC has reported.
The report strengthens expectations that the Federal Reserve may cut interest rates in December, despite the uptick in unemployment and mixed data from household employment.
Written by B.C. Begley
