Breaking news: Employers added 263,000 jobs in November, signaling labor market resilience amid tech slowdown
The still-strong labor market continues to be one of the sturdiest pillars of an otherwise confounding economy. Americans are spending heavily, though they are saving less than they have in 15 years. Manufacturing activity contracted in November for the first time in more than two years. And although inflation is slowing, to 7.7 percent, it is still well over the Federal Reserve’s 2 percent target.
Job growth, though still brisk by any measure, has slowed down from a lightening-fast pace earlier in the year. Employers added 284,000 jobs in October, which was revised up by 23,000 from previously reported figures.The Fed remains concerned, though, that a persistently hot labor market could lead to rising wages, which could then worsen inflation. Wage growth has ticked down in recent months but remains well above historical norms. Fed Chair Jerome H.
Wage growth, which had been moderating in recent months, picked up in October and November. Average hourly wages rose to $32.82 last month, up 5.1 percent from a year ago.A separate government report earlier this week showed that there were 10.3 million job openings in October, down from 10.7 million a month earlier. Many of those declines were concentrated in state and local government and manufacturing..
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