Unemployment rate unchanged in November

The Bureau of Labor Statistics issued the November jobs report Friday, which revealed that the unemployment rate remained at 3.7 percent during the month. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.

“The key figure from the November jobs report was wage growth, which accelerated during the month,” said Long. “That dents hopes that inflation has peaked and that the Fed will begin rapidly decelerating rate hikes.”

Non-farm payrolls increased 263,000 last month, while the October (+23,000) and September (-46,000) payrolls were revised.

Results among major private sector industries were mostly positive in November. Leisure and hospitality led the way with 88,000 jobs, followed by education and health (+82,000), then government (+35,000). Retail trade, however, fell 30,000 jobs.


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