US Jobs Surge in November as Strike Effects Fade

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Facts

  • According to the latest US Bureau of Labor Statistics (BLS) report, the US economy added 227K nonfarm payroll jobs in November, rebounding significantly from October's revised gain of 36K jobs, as the effects of strikes and hurricanes subsided.[1][2]
  • The healthcare sector and private education added a combined 79K jobs, 54K of which came from healthcare, while leisure and hospitality added 53K and retail trade lost 28K.[3][4]
  • The transportation equipment manufacturing industry added 32K jobs, largely due to the return of 33K Boeing workers who had been on strike.[5][3][6]
  • The labor force participation rate remained at 62.5% in November, staying within its narrow range of 62.5% to 62.7% throughout 2023.[6]
  • The unemployment rate increased slightly to 4.2% from 4.1%, while average hourly earnings rose 0.4% monthly and 4% annually to $35.61. Average weekly hours worked jumped from 34.2 in October to 34.3 last month.[6][7]
  • Previous months' job figures were revised upward, with September gaining 32K more jobs and October jumping from the previously reported 12K to 36K. Analysts say the news has set expectations for the Federal Reserve to cut interest rates again this month.[8][9][6]

Sources: [1]New York Times, [2]New York Post, [3]Wsj, [4]CNN, [5]PBS NewsHour, [6]BLS, [7]Breitbart, [8]Newsmax and [9]CNBC.

Narratives

  • Democratic narrative, as provided by MSNBC. This report is the final nail in the coffin of the idea that Trump's economy was better than Biden's. Besides the fact that last month's dreadful report was due to unforeseen hurricanes and labor strikes, several million more jobs have been created under Biden than Trump. As Biden's presidency nears its end, Americans should remember him for this historically positive achievement.
  • Republican narrative, as provided by Townhall. This report should be celebrated by everyone who's been waiting four long years for good news. However, this success reflects as much on Trump's election victory as on current policies. Renewed confidence among businesses post-election has been key, but cracks persist: retail jobs are declining, and the household survey, which is more accurate than the BLS's calculation, paints a grimmer employment picture than the government would like to admit.