November Jobs Report-Unemployment Rate Held Steady At 3.7% With 263,000 Jobs Added—Economists surveyed by Bloomberg estimate that 200,000 jobs were added last month. Job growth generally has moderated from a pace of about 450,000 for most of the year to under 300,000 in recent months. High inflation and aggressive interest rate hikes by the Federal Reserve have hobbled rate-sensitive sectors such as housing and technology.
Overall, initial jobless claims, a reliable gauge of job cuts, rose modestly in November but remain historically low, averaging 221,000 a week, Goldman Sachs says. Pandemic-induced labor shortages have made companies reluctant to chop workers on concerns they won’t be able to replace them when the economy bounces back.
Source: USAToday, 12.01.2022
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