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12-07-2018, 10:03 AM #1
US employers added 155,000 jobs in November, missing expectations
US employers added 155,000 jobs in November, missing expectations
By Megan Henney
Published December 07, 2018
U.S. employers added 155,000 jobs in November, missing Wall Street’s expectations for an increase of 200,000 jobs, after an already rocky week for stocks exacerbated on Thursday by investor fears that a U.S-China trade deal could be reneged amid newly inflamed tensions.
The unemployment rate remained steady at 3.7 percent, the lowest rate in 50 years, while the labor force participation rate also stayed the same at 62.9 percent during the month. Average hourly earnings meanwhile rose by 6 cents to $27.35. Over the year, average hourly earnings have increased by a total of 81 cents, or about 3.1 percent.
The weaker-than-expected jobs numbers come on the heels of a report Wednesday from payroll processing firm ADP, which revealed the private sector added 179,000 jobs November, up from 227,000 in October -- the highest level since February.
Analysts anticipated that unemployment would hold steady at 3.7 percent -- a 49-year low -- while forecasting the creation of 200,000 jobs, according to economists polled by Refinitiv (formerly Thomson Reuters).
A strong jobs report, especially on wage growth, could reinforce the Federal Reserve’s decision to hike interest rates for a fourth time in December, even as Fed chair Jerome Powell signaled rates were nearing neutral.
Chair of the Council of Economic Advisers Larry Kudlow will join FOX Business’ Stuart Varney at 10:15 a.m. ET for a full analysis of the latest data and what it means for U.S. workers and the economy.
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