U.S. adds 263,000 jobs in November – beating economist expectations

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The US adds 263,000 jobs in November, beating economists’ expectations of 200,000, and unemployment remains at 3.7% despite Federal Reserve rate hikes and recession fears, but will it last? ?

  • The report is good news for Biden in an economy still battling record inflation.
  • Federal Reserve Chairman Jerome Powell said earlier this week that rates were likely to rise 0.5 percent in December, after four 0.75 percent hikes.
  • Stocks fell in early trading after the news
  • Upbeat jobs data could raise expectations that the Fed may have to keep rates high

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The United States added 263,000 jobs in November, beating economists’ expectations of 200,000 and despite rate hikes from the Federal Reserve.

The unemployment rate has also held steady since October at 3.7 percent, the Labor Department reported Friday.

The report is welcome news for President Biden with the economy still battling inflation and amid mounting recession fears.

There was also a wave of layoffs in the tech industry with massive companies like Amazon announcing hiring freezes.

Media companies like CNN and the Washington Post have also been laying off staff in the harsh economic climate.

DoorDash also said it would cut corporate staff by 1,250 and AMC Networks said it would lay off 20 percent of the workforce.

The United States added 263,000 jobs in November, beating economists' expectations of 200,000 and despite Federal Reserve rate hikes

The United States added 263,000 jobs in November, beating economists’ expectations of 200,000 and despite Federal Reserve rate hikes

Economists worry that the layoff trend will continue next year with a possible recession on the horizon.

Federal Reserve Chairman Jerome Powell said earlier this week that rates were likely to rise 0.5 percent in December, after four 0.75 percent hikes.

The encouraging jobs data could raise expectations that the Fed will need to keep rates high for longer as it seeks to combat high inflation. Dow Jones Industrial Average futures fell nearly 400 points after the economic news on Friday.

Wage gains have also been on the rise, with hourly pay up 5.1 percent compared to last year.

Meanwhile, lawmakers helped avert a potential rail strike after the House and Senate passed legislation that would establish a management-negotiated contract with oversight by the Biden administration that several rail unions had walked away from.

Biden praised the measure for avoiding a potential calamity and intended to sign the measure immediately. He had pushed for action despite opposition by some lawmakers to a one-day paid sick leave contract, and Democrats pushed legislation to provide a week of paid sick leave.

“We’re going to prevent the rail strike, keep the rails running, keep things moving, and I’m going to come back and we’re going to get paid leave not just for rail workers but for all workers,” Biden said. he said Thursday when asked about his position.

The report is welcome news for President Biden with the economy still battling inflation and amid mounting recession fears.

The report is welcome news for President Biden with the economy still battling inflation and amid mounting recession fears.

The report is welcome news for President Biden with the economy still battling inflation and amid mounting recession fears.

The news came after new data on Wednesday signaled a possible leveling off of inflation.

Earlier this week, Federal Reserve Chairman Jerome Powell signaled that the Fed’s aggressive rate hikes could slow down. “It makes sense to ease the pace of our rate increases as we get closer to the level of easing that will be enough to bring inflation down,” Powell said.

Staple personal consumption rose 0.2 percent, according to Commerce Department figures released this week, up 5 percent from a year ago. That was less than estimated and could signal a slowdown in inflation, which has hit Americans in their wallets all year and has become a major election issue.

“Today we learned that inflation moderated and revenues grew in October, following yesterday’s news that our economy grew at an even stronger pace from July to September than we previously thought,” Biden said in a statement Thursday. .

“We are seeing initial signs that we are making progress in the fight against inflation, even as we transition to stronger and more stable economic growth. That’s good news for the American people and further proof that my economic plan is working. It will take time for inflation to return to normal, and there may be bumps along the way, but the American people must have confidence that our plan to address inflation, without giving up all the historic economic gains that American workers have made , is working.