The US economy added 199,000 jobs in November

Minneapolis — The US economy added 199,000 jobs in November, according to Bureau of Labor Statistics data released Friday.

The unemployment rate fell to 3.7% from 3.9% the month before.

Economists were expecting net job gains of 180,000 for the month and for the unemployment rate to hold steady, according to Refinitiv.

The largest employment gains last month came in health care and government, which added an estimated 93,200 and 49,000 jobs, respectively. Manufacturing saw a boost, too, largely because of the return of striking autoworkers.

The biggest declines occurred in the retail trade and temporary help services sectors, which lost 38,400 jobs and 13,600 jobs, respectively.

November’s job growth was stronger than October’s unrevised tally of 150,000 jobs added. September’s job gains were revised down to 262,000 from 297,000, according to the BLS.

The continued strength in the labor market has helped fuel consumer spending and economic growth, but Federal Reserve officials believe slower demand (and slower wage growth) will help bring down inflation.

Friday’s jobs report showed that average hourly earnings rose 0.4% in November from the month before, showing a more accelerated pace of growth than the 0.2% uptick seen in October and the 0.3% expected by economists.

On an annual basis, however, wage gains eased to 4% from the 4.1% rate seen a month before.

Through November, the economy has added an average of 232,000 jobs per month — far more moderate growth than 2022 and 2021, when an estimated 399,000 and 606,000 jobs were added every month, respectively.

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