Jobs
US Labor Market Defies Slowdown Forecasts in Broad Strengthening
- Payrolls rose nearly 200,000 in November, unemployment fell
- Hourly earnings increased 0.4%, matching biggest gain of year
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The US labor market unexpectedly strengthened in November with pickups in employment and wages, tempering bets the Federal Reserve will cut interest rates early next year.
Nonfarm payrolls increased 199,000 last month following a 150,000 advance in October, a Bureau of Labor Statistics report showed Friday. The return of striking auto workers helped boost the count by 30,000. The unemployment rate fell to 3.7% and workforce participation edged up. Monthly wage growth rose more than forecast.