The Fed Can’t Break the Labor Market
The November Jobs report was released on December 2nd. Nonfarm payroll increased by 263,000 and the unemployment rate remained unchanged at 3.7%. The average job growth in 2022 has been 392,000 per month, which is lower than the average of 562,000 per month in 2021.
By all measures, this was a positive job market report for employees. The market remains strong despite the federal reserve’s aggressive interest rate hikes. I have been skeptical about the possibilities of a soft landing, but everything seems to be pointing towards that. Inflation rate for November was 7.7%, down from 9.1% in June. Looks like inflation is slowing, and the job market remains strong!
Other Data from the Job Report
Leisure and Hospitality experiences the largest gains with 88,000 new jobs created.
Average hourly earning is $32.82, an increase of 18 cents from last month and 5.1% from a year ago.
Average work week for all employees is 40.2 hours.
You can access the unemployment report here