By Alicia Wallace, CNN BusinessThe US economy added 263,000 jobs in November, defying aggressive action from the Federal Reserve to cool the economy and bring down decades-high inflation. The unemployment rate held steady at 3.7%, according to the Labor Department, which released the latest monthly jobs snapshot on Friday morning. The hot jobs report also showed an unexpected spike in average hourly earnings, another knock against the Fed’s efforts to rein in inflation by cooling demand. Despite the high numbers, most of those losses appear to be getting reabsorbed into the labor market, said Jim McCoy, vice president of solutions for ManpowerGroup. Considering those updates, November’s monthly gain — which remains considerably above pre-pandemic monthly averages — is now the lowest total jobs added since April 2021.

Source: CNN December 02, 2022 22:17 UTC