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Exciting news on the job market front! Employers picked up the hiring pace in November, shaking investors’ confidence in the Federal Reserve’s likelihood of cutting interest rates in 2024. November job gains grew faster than expected, posting an increase of 199,000 jobs, up from 150,000 in October, according to data released by the Bureau of Labor Statistics. Employment growth stayed below the average monthly gain of 240,000 over the previous 12 months, but aligned with job growth in recent months.
While the numbers signal positive momentum in the job market, it may cause the Fed to reconsider its next moves, said Mike Fratantoni, SVP and chief economist with the Mortgage Bankers Association (MBA).
In November, job gains occurred in health care, government and manufacturing, while employment in retail trade declined. The unemployment rate slipped to 3.7% in November, down slightly from 3.9% in October. On Tuesday, job openings slid to 8.7 million in October, the lowest level since March 2021. It brought the ratio of openings to available workers down to 1.3 to 1. Average hourly earnings increased by 0.4% for the month, slightly ahead of the 0.3% estimate, and up 4% from a year ago, in line with expectations.
It’s worth keeping an eye on these positive job market trends. Check out more details here and Read More