It Is still a good time to be in the job market.
December 7, 2024
The U.S. economy added a more-than-expected 227,000 payrolls in November, as the job market rebounded from the impact of storms and strikes. October's hiring, which was affected by Hurricanes Helene and Milton. The Labor Department, however, said that the unemployment rate ticked up to 4.2% in November, from 4.1% previously.
Wall Street shows the latest jobs report, which showed that the US economy added a better-than-expected 227,000 jobs in November and the unemployment rate rose to 4.2%, according to the Bureau of Labor Statistics.
Wall Street became more confident that the Federal Reserve will cut interest rates again this month after the release of the November jobs report. “If you look at private sector job growth, and you exclude health care and education, growth has mainly been driven by hospitality, while other cyclical sectors are not generating a lot of net job gains,” Kathy Bostjancic, chief economist at Nationwide, told CNN. “This concentration of job growth is not as positive as the aggregate numbers suggest. I think the Federal Reserve is aware of that.”
According to Gargi Pal Chaudhuri, Chief investment Strategist with BlackRock, “Employment trends showed positive growth in health care, leisure and hospitality, government, and social assistance sectors. However, retail trade experienced job losses, highlighting the mixed nature of the current labor market.”
“Average hourly earnings have continued to rise, indicating persistent wage pressures within the labor market. This reflects the ongoing demand for labor and potential inflationary pressures. Higher wages can lead to elevated inflation down the line as businesses may pass on the increased labor costs to consumers.” This is still an optimistic job market.
Keep your resume up to date even if you are a passive job seeker. It is better to make a change when you want to instead of when you have to.
