The nation's employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve's aggressive interest rate hikes.
PUBLISHED 8:41 AM EST Dec. 02, 2022The nation's employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve's aggressive interest rate hikes.
Last month's hiring amounted to a substantial increase. All year, as inflation has surged and the Fed has imposed ever-higher borrowing rates, America's labor market has defied skeptics, adding hundreds of thousands of jobs, month after month. In the meantime, the steady hiring and rising paychecks have helped U.S. households drive the economy. In October, consumer spending rose at a healthy pace even after adjusting for inflation. Americans stepped up their purchases of cars, restaurant meals and other services.
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