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The US economy added 227,000 nonfarm jobs in November, more than six times that of the previous month, which was weighed down by the effects of two hurricanes and Boeing’s labor union strike, the Labor Department said on Friday.
The report signals a recovery in the jobs market after a bleak October, but not one that outpaces growth in the months prior.
The number of jobs added to the economy beat economists’ expected count of 207,500, according to FactSet. Unemployment ticked up to 4.2%, slightly higher than the anticipated 4.1% where it has hovered since September.
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Friday’s jobs data is the last the US Federal Reserve will see before it makes its final rate cut decision of 2024. The central bank’s independence was called into question by President-elect Donald Trump while on the campaign trail, with last month’s rate cut news overshadowed by Fed Chair Jerome Powell’s comments that he won’t step down from his position and that Trump can’t force him out.
This week, Powell said he expects to have good relationships with members of the incoming Trump administration while speaking at The New York Times’ DealBook Summit. The central bank’s rate-cutting committee will announce its next decision on December 18.