Payroll data released by the Department of Labor on Friday revealed that the United States of America created more jobs than expected in the month of November. A total of 199,000 non-agricultural job openings were recorded, surpassing the analysts’ estimate of 180 thousand new positions for the month.
According to Projetos Broadcast, a news agency specializing in financial and economic news, estimates from 26 analysts showed that 198,000 jobs were created in the USA last month. This indicates that the job market is continuing to grow at a steady pace.
Despite the positive job creation, the unemployment rate fell to 3.7% in November, a decrease from the 3.9% recorded in October. However, this decline fell short of analysts’ expectations, who had hoped for stability in the rate. The number of unemployed individuals also decreased from 6,506 million in October to 6,291 million in November.
In terms of wages, there was a 0.4% increase in the average hourly wage for all employees on non-agricultural private payrolls in the US. With an average hourly wage of $34.10, this reflects a 4.0% rise in average earnings per hour over the past 12 months. These wage increases contribute to the overall growth and stability of the economy.
However, some market analysts were expecting the data to reflect a decline in the US labor market, as indicated by other studies such as Jolts and ADP. These studies suggested that there might be a slowdown in job creation. Additionally, the end of strikes by members of the UAW automotive union and the return to work of 16,000 members of the SAG-AFTRA union could have impacted the employment figures for November, as suspended workers are not included in the payroll data.
Despite the positive trends, employment growth for November fell short of the average monthly gain of 240,000 jobs over the previous 12 months. This indicates that while job creation is occurring, it may not be as robust as in previous months.
In specific industries, November saw no significant changes in government and healthcare employment. However, there was an increase in the manufacturing industry, which can be attributed to the return of striking workers. Employment in the retail sector also experienced growth, further contributing to the overall positive job market.
Overall, the latest payroll data from the United States of America indicates that the job market is continuing to expand. The number of job openings surpassed analysts’ expectations, while the unemployment rate decreased slightly. Additionally, wage increases signify a positive trend in terms of employee earnings. However, it is important to note that employment growth for November fell short of the average monthly gain over the previous year. Nevertheless, the overall outlook for the job market remains positive, as various industries are experiencing growth and contributing to the overall economic stability.
