The unemployment rate stayed 3.7%, still near a 53-year low, the Labor Department said Friday.
and a slow-growing economy — a sign of resilience in the face of the Federal Reserve’s aggressive interest rate hikes.
As employers have continued hiring, wage gains have followed. In November, average hourly pay jumped 5.1% compared with a year ago, a robust increase that could complicate the Fed’s efforts to curb inflation. After having contracted in the first six months of the year, the U.S. economy expanded at a brisk 2.9% annual rate last quarter. In addition to strength from consumer spending, a spike in exports helped boost growth.
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