US Economy Adds , More Jobs Than Expected , Despite Fed Rate Hikes.
NBC reports that America's
economy showed better job growth
than expected in November.
The higher-than-expected numbers came despite
aggressive rate hikes by the Federal Reserve
meant to slow the labor market and bring down inflation.
The higher-than-expected numbers came despite
aggressive rate hikes by the Federal Reserve
meant to slow the labor market and bring down inflation.
According to a Labor Department report released
on December 2, nonfarm payrolls grew 263,000.
According to a Labor Department report released
on December 2, nonfarm payrolls grew 263,000.
Economists surveyed by Dow Jones had
predicted an increase of just 200,000.
Last month, the monthly gain had been slightly
higher with payroll numbers revised to 284,000.
Meanwhile, the unemployment rate came
in at 3.7%, exactly as predicted by economists.
NBC reports that the numbers will likely not
slow Fed interest rate hikes as the central bank
continues to wrestle with inflation at a forty-year high.
NBC reports that the numbers will likely not
slow Fed interest rate hikes as the central bank
continues to wrestle with inflation at a forty-year high.
Working contrary to the Fed's efforts
to fight inflation, average hourly
earnings climbed 0.6% in November. .
That's double what Dow Jones
estimated it to be for the month.
Compared to the same
time last year, wages
were reportedly up 5.1%. .
Economists had predicted , just a 4.6% increase.