Here are five essential takeaways from the U.S. jobs report for November 2024:
1. Job growth beats estimates
The U.S. added 227,000 jobs in November, surpassing the forecast of 202,000. Leisure, hospitality, and construction led the gains.
2. Unemployment edges higher
The rate rose slightly to 4.2% from October's 4.1%, signaling a modest increase in labor market slack.
3. Wage growth steady
Average hourly earnings grew 4% year-over-year, matching October's pace and outpacing inflation.
4. Revised job data
October’s job growth was revised to 36,000 from 12,000, and September’s rose to 255,000 from 223,000, underscoring prior underestimations.
5. Mixed sector performance
While goods-producing and service industries saw gains, retail lost 28,000 jobs, reflecting consumer sector challenges.
These trends suggest a mixed labor market, with overall strength but some areas of softness. The Bureau of Labor Statistics report offers critical insights for policymakers ahead of the Federal Reserve's December decisions on interest rates.
