U.S. economy recovers from the labor strife and economic fallout from the hurricanes.
The U.S. labor market rebounded in November following the previous month’s abysmal jobs report, which was fueled by labor strife and natural disasters.
According to the Bureau of Labor Statistics (BLS), the economy added 227,000 new jobs last month from the upwardly revised 36,000 positions in October.
The consensus median estimate suggested an increase of 207,500 new jobs in November, above the trailing 12-month average of 181,000, according to FactSet.
Year-over-year average hourly earnings were unchanged at 4 percent, slightly higher than the consensus estimate of 3.9 percent. From October to November, average hourly earnings rose at a higher-than-expected pace of 0.4 percent.
Average weekly hours ticked up to 34.3 from the downwardly adjusted 34.2. The labor force participation rate slipped to 62.5 percent from 62.6 percent.
Employment gains were largely concentrated in health care (54,000), leisure and hospitality (53,000), and social assistance (19,000).
The BLS’s household survey portion of the November jobs report, which removes duplication in the data, showed the labor market lost 355,000 positions.
Full-time employment levels fell by 111,000 to 133.38 million, while part-time work dropped by 268,000 to 27.66 million.
The number of people working two or more jobs—a common trend in the post-crisis economy as households try to keep up with higher living costs—increased by 275,000 to 8.58 million.
Employment gaps between U.S.- and foreign-born workers continued to widen last month. From November 2023 to November 2024, the number of American workers decreased by nearly 1.1 million. Conversely, the number of employed foreign workers surged by 401,000.
Two months of employment revisions were published in the November payroll report. The October figures were adjusted higher by 24,000, from 12,000 to 36,000. The September statistics were revised higher by 32,000, from 223,000 to 255,000.
So far this year, downward revisions have totaled approximately 400,000.
Market watchers anticipated an improved payrolls report after the curveball that was hurled in the October employment figures.
The October jobs report was the worst employment reading since December 2020. Economists and White House officials attributed the abysmal numbers to labor strife and the hurricanes.
By Andrew Moran
