US Economy Adds 263k Jobs in November
The Department of Labor released its monthly jobs snapshot Friday morning, reporting that nonfarm payrolls added 263k jobs in November — lower than October's 284k but higher than the predicted 200k— with unemployment remaining at 3.7%.
Facts
- The Department of Labor released its monthly jobs snapshot Friday morning, reporting that nonfarm payrolls added 263k jobs in November — lower than October's 284k but higher than the predicted 200k— with unemployment remaining at 3.7%.
- Restaurants and other industries in the leisure and hospitality sector represented a large portion of the job growth, adding 88k jobs.
- Despite the Federal Reserve’s (Fed) effort to cool the labor market and slow wage growth, average hourly earnings rose 0.6% over the month.
- Fed chair Jerome Powell’s plan of hiking interest rates in order to reduce inflation aims to promote a contraction of the jobs market, which is an indication that the strategy is working.
- Earlier in the week, Powell announced the Fed would continue to maintain its restrictive monetary policy and increase interest rates, but at lower rates.
- The stock market fell in light of the report as higher job growth and wages can signify that interest rates will continue to rise.
Sources: CNBC, Reuters, Finance, Forbes, and CNN.
Narratives
- Democratic narrative, as provided by CNN. The Biden economy continues to roar as the Labor Department reported another massive increase in jobs and wages under President Biden’s leadership. After nonsense claims of a recession, detractors must face the fact that the American economy is growing and will continue to do so under Biden.
- Republican narrative, as provided by Townhall. The US economy doesn't actually appear to be rebounding under Biden’s leadership. Despite superficial appeal, the added job and wage growth signal that Biden’s inflation continues to be out of control, and the Congressional Budget Office estimates more economic pain for the American people in 2023.
