The U.S. added 199,000 new jobs in November, an increase from the previous month and slightly more than economists expected.
The unemployment rate unexpectedly fell to 3.7 percent from 3.9 percent in October, a sign that the labor market remains tight despite the Federal Reserve's higher interest rates.
Job growth in November was more than the 190,000 economists had forecast, and higher than the 150,000 new jobs added in October.
The strong jobs report pushed aside any prospect of a Fed rate cut in the near term, pushing U.S. Treasury yields higher and sending futures on the Dow Jones Industrial Average down nearly 100 points.
“November's employment data appears to be a game-changer as it underlines relative stability in the economy without fueling inflation fears,” said Mark Hamrick, senior economic analyst at Bankrate.
The US added 199,000 new jobs in November, an increase from the previous month and slightly more than economists expected (file photo)
“The oft-predicted recession has not occurred in technical terms, although many Americans complain of recession-like conditions due to the erosion of their purchasing power over the past few years,” he added.
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