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The U.S. added 227,000 jobs in November, setting in motion potential Fed rate cuts in December


Published on 2024-12-06 17:30:49 - Fox Business
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  • The job market remains stable but isn't growing substantially. This may lead to more interest rate cuts when the Fed meets in December.

In November, the U.S. economy added 227,000 jobs, surpassing expectations and signaling continued economic strength despite concerns over inflation and potential recession. The unemployment rate remained steady at 3.7%, close to a 50-year low, indicating robust labor market conditions. Sectors like healthcare, leisure and hospitality, and government saw significant job gains, while manufacturing jobs decreased due to the impact of the United Auto Workers strike. Wage growth also continued, with average hourly earnings rising by 0.4% for the month and 4% over the past year, which might fuel further inflation concerns. This data suggests that the Federal Reserve's efforts to manage inflation without triggering a significant economic downturn are still in play, although the labor market's resilience might complicate future monetary policy decisions.

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