Labor Dept Issues Strong Jobs Report For November

The New York Times reports:

America’s jobs engine kept churning in November, the Labor Department reported Friday, a show of continued demand for workers despite the Federal Reserve’s push to curb inflation by tamping down hiring.

Employers created 263,000 jobs, even as a wave of layoffs in the tech industry made headlines. That was only a slight drop from the revised figure of 284,000 for October.

The unemployment rate was steady at 3.7 percent, while wages have risen 5.1 percent over the year, more than expected. The labor market has been surprisingly resilient in the face of successive interest rate increases by the Fed, adding an average of 323,000 jobs for the last six months.

Read the full article.

Another good jobs report!

Thank you to the American people.
Thank you @POTUS and @VP.
Thank you American Rescue Plan, and Infrastructure Law#FridayMorning Motivation https://t.co/7aIn520fGY

— Ted Lieu (@tedlieu) December 2, 2022