Figures: A strong recovery in the American labor market during November

The US labor market recorded a recovery last November, adding 227,000 jobs in what was considered a strong recovery.
This compares to the previous month, when the effects of strikes and hurricanes led to significant cuts in employers’ payrolls.

American labor market

Employment growth last month was up significantly from a meager gain of just 36,000 jobs last October.
The government raised its estimates of job growth in September and October together by 56,000 jobs.
Friday’s report, issued by the Department of Labor, showed that the unemployment rate rose from 4.1% in October to 4.2%, which is still low.

Wages in America

Hourly wages rose 0.4% from October to November and 4% from a year earlier, which are strong numbers and slightly higher than analysts expected.
The report also revealed the latest evidence that the US labor market remains strong, even though it has lost significant momentum from the hiring boom in 2021-23, when the economy was rebounding from a recession due to the coronavirus pandemic.
The gradual slowdown in the labor market is due in part to higher interest rates introduced by the Federal Reserve as it seeks to contain inflation.

Interest rates in America

The Federal Reserve raised interest rates 11 times between 2022 and 2023.
Defying expectations, the economy continued to grow despite rising consumer and corporate borrowing rates, but since early this year, the labor market has registered a noticeable slowdown.

Wall Street

Asian stocks fell in trading on Friday, after a decline on Wall Street.
The main index for regional markets fell by 0.2%, with stocks in Japan, South Korea and Australia declining.
While stocks in Hong Kong and China recorded modest gains, these trades came after a 0.2% decline in the S&P 500 index.
The Nasdaq 100 index fell by 0.3% on Thursday, its first decline in five sessions.