November Hiring Slowed To 155K Jobs, Unemployment Rate Stayed 3.7 Percent

November Hiring Slowed To 155K Jobs, Unemployment Rate Stayed 3.7 Percent

November Hiring Slowed To 155K Jobs, Unemployment Rate Stayed 3.7 Percent

The Labor Department reports the economy added 155,000 jobs in November, below consensus estimates. The unemployment rate remained at 3.7 percent for the third consecutive month and payroll employment continued its historic streak of positive jobs gains.

Average hourly earnings grew 3.1 percent, the same pace as last month and the fastest rate of wage growth since 2009.

Laurence Marzo, left, and Ty Ford, right, move a conveyor belt into place to help unload a truck carrying merchandise at a Walmart Supercenter in Houston.

For now, the labor market is on solid footing and is seen supporting the economy through at least early 2019, after which growth is expected to significantly slow as the stimulus from the Trump administration's $1.5 trillion tax cut package fades.

For most Americans, jobs and incomes are the most important economic measures.

The Federal Reserve is still widely expected to raise interest rates at its regular meeting this month, moving forward with its fourth rate rise this year. But it suggests the Fed may not hike rates next year as rapidly as many investors have feared.

Among major worker groups, there was little change in November.

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Overall 2.3 million jobs have been added this year - 12.7 percent above last year's pace of 2.01 million over the same period, according to David Berson, chief economist for Nationwide. The African-American jobless rate declined to 5.9%, matching May's figure as the lowest on record.

Small business job creation inched up in November, according to the monthly jobs report for the National Federation of Independent Business (NFIB). And hiring at last month's pace would make it easier for the Federal Reserve to slow its interest rate increases, which investors worry are weighing on the economy.

Sectors in which employment expanded included health care (up 32,000 jobs); professional and business services (up 32,000 jobs); manufacturing (up 27,000 jobs); and transportation and warehousing (up 25,000 jobs). The number of long-term unemployed declined by 120,000, suggesting that numerous new jobs went to people who had been out of work for more than 27 weeks.

Construction firms added just 5,000 jobs, the fewest in eight months. Hiring also slowed in restaurants, bars and hotels. Consumer confidence remains near 18-year highs, surveys show. Business analysts surveyed by Reuters had conjecture payrolls expanding by 200,000 employments in November.

The housing market, on the other hand, has stumbled throughout 2018 as the Fed's rate hikes have contributed to sharply higher mortgage rates.

Approximately 80% of US metropolitan areas have posted positive job growth figures for the year. U.S. stocks fell amid uncertainty whether a 90-day truce agreed by U.S. President Donald Trump and Chinese President Xi Jinping over the weekend would hold and lead to a lasting easing of trade tensions between the world's two largest economies. Higher tariffs would compound the risks for a global economy that is already grappling with dismal growth figures from Europe and Japan.

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