US jobs market soars with 227,000 new jobs in November, showing resilience against high interest rates and signaling potential interest rate cuts.
The US jobs market bounced back in November with 227,000 new jobs, surpassing expectations. While the unemployment rate rose slightly to 4.2%, the overall labor market remains strong despite high interest rates.
Key growth came from healthcare (54,000 jobs), leisure (53,000 jobs), and hospitality (33,000 jobs). However, retail trade faced a setback, losing 28,000 jobs.
Average hourly earnings increased by 0.4% from October and 4% year-over-year, reflecting the market’s strength. Given this robust job growth, the Federal Reserve may consider cutting interest rates in December.
