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According to the latest payroll data released by the Department of Labor, the United States created 199,000 non-agricultural job openings in November. This figure surpassed the estimates of analysts, who had anticipated around 180,000 new positions. Projetos Broadcast reported that, based on estimates from 26 analysts, approximately 198,000 jobs were created in the USA last month.
However, despite the positive job creation, the unemployment rate fell from 3.9% in October to 3.7% in November, which was below the expectations of analysts who had hoped for stability. The number of unemployed individuals decreased from 6,506 million in October to 6,291 million in November.
In terms of wages, there was a surge of 12 cents, or 0.4%, to reach $34.10 in the average hourly wage for all employees on non-agricultural private payrolls in the US. Average earnings per hour increased by 4.0% in the last 12 months.
Market experts were anticipating the data to align with readings from other studies published earlier in the week, such as Jolts and ADP, which pointed to a decline in the US labor market. However, the latest figures seemed to contradict these expectations.
It is worth noting that on October 31, around 25,300 members of the UAW automotive union ended their strikes against major manufacturers in the country. Additionally, the return to work of 16,000 members of the SAG-AFTRA union was expected to have an impact on the employment index, as the suspended workers are not included in the payroll data.
Despite the job growth in November surpassing expectations, it fell short in comparison to the average monthly gain of 240,000 jobs over the previous 12 months. Nevertheless, there was a positive trend in several sectors. The manufacturing industry witnessed an increase, reflecting the return of striking workers, as reported by the Department of Labor. The retail sector also experienced employment growth.
Overall, while the November job creation statistics were higher than expected, the unemployment rate fell below analysts’ projections. The increase in wages was a positive sign, although the employment growth for the month did not match the average gains seen in the previous year.
