US job growth jumps by 263,000 in November, unemployment rate steady at 3.7%

• December 6, 2022
• realestatelife
• Announcements, Business & Markets, Fed, Interest Rates, Politics & Economy, Real Estate Finance, Recession, World News, Your Real Estate Life

U.S. job growth rose faster than expected in November as the labor market remained resilient in the face of higher interest rates, scorching-hot inflation and mounting recession fears.

Employers added 263,000 jobs in November, the Labor Department said in its monthly payroll report released Friday, topping the 200,000 jobs forecast by Refinitiv economists. It marks a slight deceleration from the upwardly revised job gain of 284,000 recorded in October. The unemployment rate, meanwhile, held steady at 3.7% and average hourly earnings MOM were at 0.6 vs 0.3.

The report will likely do little to sway the Federal Reserve in its fight against inflation, which has already seen policymakers raise interest rates at the most aggressive pace since the 1980s in a bid to crush out-of-control consumer prices and cool the labor market.