Market Insight December 2023

December 10, 2023
Market Insight December 2023

November Jobs Report Shows Economy Added 199,000 Jobs

Hiring picked up in November as striking auto workers and actors returned to the fold, and businesses continued to largely shrug off high inflation and interest rates. Employers added 199,000 jobs and the unemployment rate fell from 3.9% to 3.7%, the Labor Department said December 8, 2023. Economists had estimated that 186,000 jobs were added last month, according to a Bloomberg survey.

Average hourly earnings rose 12 cents to $34.10, keeping the yearly at 4%, down from a high of 5.9% last year. That’s good news for a Federal Reserve seeking to slow increases that are feeding into inflation. Fed officials would like to see wage growth ease to 3.5% to align with their 2% overall inflation goal. Wage growth topped 5% last year amid severe COVID-related labor shortages.

Source: USAToday, 12.08.2023

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