US Economy Adds 199,000 as Robust Labor Market Persists

The U.S. economy created 199,000 new jobs in November, topping economists' expectations and showing continued resilience in the home stretch of 2024. This was up from 150,000 in October.

According to the Bureau of Labor Statistics (BLS), the unemployment rate dropped to 3.7 percent last month, down from 3.9 percent and better than the consensus estimate.

Average hourly earnings rose to 4 percent year-over-year and jumped 0.4 percent monthly. Average weekly hours edged up to a higher-than-expected 34.4, up from 34.3. The labor force participation rate increased to 62.8 percent, up from 62.7 percent.

The employment gains were concentrated in a handful of sectors, including healthcare (77,000), government (49,000), leisure and hospitality (40,000), and manufacturing (28,000).

The retail sector lost 38,000 positions, while transportation and warehousing shed 5,000 jobs.

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