US economy adds 155K new jobs while wages rise 3.1% over the year in November

  • The US economy created 155K new jobs in November, down from 237K reported in the previous month, missing the market estimate.
  • The US wages rose 3.1% over the year in November, meeting the market estimate in November.

The US labor market created 155K new jobs in November down from downwardly revised 237K in October, the US Labor Department reported on Friday. Headline non-farm payroll data missed the market estimate of 200K. At the same time, the US wages rose 3.1% over the year in November, unchanged from October this year. The US unemployment rate remained stagnant at 3.7% in November, meeting the market estimates.

The US labor market remained strong in November, confirming the indications from the Federal Reserve Chairman Jerome Powell who said on November 28 that the US labor market is strong. Speaking to the economic club of New York Chairman Powell said he expects the US growth to continue along with low unemployment, and inflation near-target. Powell reiterated that there is no pre-set policy path as Fed is paying "very close attention" to data.

 

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