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- U.S. nonfarm payrolls increase more than forecast in November
U.S. nonfarm payrolls increase more than forecast in November
The U.S. Labor
Department announced on Friday that nonfarm payrolls increased by 266,000 in
November after an upwardly revised 156,000 gain in the prior month (originally
an increase of 128,000).
According to
the report, significant job gains occurred in health care (+45,000 jobs) and in
professional and technical services (+31,000). In addition, manufacturing
employment rose by 54,000, reflecting the return of workers from a strike.
The
unemployment rate fell to 3.5 percent in November from 3.6 percent in October.
Economists had
forecast 180,000 new jobs and the jobless rate to stay at 3.6 percent.
The labor force
participation rate edged down to 63.2 percent in November from 63.3 percent in October,
while hourly earnings for private-sector workers rose 0.2 percent m-o-m (+7
cents) to $28.29, following a revised 0.4 percent m-o-m gain in October
(originally an increase of 0.2 percent m-o-m). Economists had forecast a 0.3
percent m-o-m advance in the average hourly earnings. Over the year, average
hourly earnings have increased by 3.1 percent, following a revised 3.2 percent
rise in October (originally a 3.0 percent advance).
The average
workweek remained unchanged at 34.4 hours in November, matching economists’
forecast.
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