The US economy added more jobs than expected last month, government data showed Friday, bouncing back from a dramatic slowdown triggered by hurricanes and labor strikes
Washington, (APP – UrduPoint / Pakistan Point News – 6th Dec, 2024) The US economy added more jobs than expected last month, government data showed Friday, bouncing back from a dramatic slowdown triggered by hurricanes and labor strikes.
The world‘s biggest economy gained 227,000 jobs in November, up from a revised 36,000 in October, said the Department of Labor.
The overall jobless rate ticked up to 4.2 percent.
The rise in hiring was likely due to a return of Boeing workers and others who had gone on strike.
There was probably also a temporary increase in retail employment during the holiday season, EY senior economist Lydia Boussour said in a recent note.
Last month, “employment trended up in health care, leisure and hospitality, government, and social assistance,” said the Labor Department report.
But the retail trade sector lost jobs, the report added.
The hiring figure was above a market consensus expectation of 200,000 according to Briefing.com.
Average hourly earnings rose more than expected too by 0.4 percent to $35.61.
While Boussour expects job growth to settle “below trend” as the labor market cools gradually, she added that “a labor market downturn isn’t on the near-term horizon” with layoffs remaining low.
