Jobs Report: 199K New Jobs, Unemployment Falls To 3.7%

The November jobs report from the Bureau of Labor Statistics exceeded expectations, adding 199,000 jobs to the U.S. economy, and the unemployment rate dropped to 3.7 percent. https://twitter.com/Morning_Joe/status/1733125216081965057 From the Washington Post:

The unemployment rate has stayed below 4 percent for two years, the longest stretch since the 1960s, giving workers leverage to demand raises and switch to better jobs.

Healthcare added 77,000 jobs in November, mainly in ambulatory healthcare services, hospitals, and nursing-care facilities.

Government added 49,000 jobs in November, finally catching its pre-pandemic employment levels the previous month, as wages in state and local government have caught up with the private sector.

Manufacturing also trended up by 28,000, reflecting the return of union auto-manufacturing workers from their strike. Leisure and hospitality added nearly 40,000 jobs, mostly at restaurants and bars, after months of choppy growth.

The unemployment rate was 6.3 percent when President Biden took office. The annual inflation rate has recently fallen to 3 percent, less than half what it was when the Fed’s interest rate increases began. Also – average hourly wages for all employees on private nonfarm payrolls rose by 12 cents, or 0.4 percent, to $34.10. Over the past 12 months, average hourly earnings have increased by 4.0 percent. Of course, it drives Republicans mad that the jobs reports have been consistently strong for two years. https://twitter.com/atrupar/status/1733129287992025573