• Job creation surpassed expectations in November. The economy added 64,000 jobs, a figure that exceeded economists’ forecasts. This represents a reversal from the prior month, which had seen a job decline of 105,000.
• The White House celebrated the report as strong. White House press secretary Karoline Leavitt described the figures as a "strong jobs report." She credited the economic policies of President Trump for the positive results.
• Wage growth is not contributing to inflation. Average hourly earnings rose by only 0.1% for the month. This modest increase supports the view of some Federal Reserve officials that the labor market is not currently a driver of inflation.
How it may affect me
As a U.S. reader:
• Finding a job may be more challenging, as the unemployment rate has risen to a four-year high, with some analysts noting a pause in hiring.
• Your borrowing costs on loans may remain low, as the Federal Reserve recently cut its key interest rate, citing risks to the U.S. job market.
• Future economic policy is less predictable, as Federal Reserve officials have expressed skepticism about the accuracy of this data following a government shutdown.
