The US labor market saw an addition of 227,000 nonfarm payrolls in the month of November, a notch above economist expectations for 220,000. This was a tremendous rebound from October’s jobs growth of 12,000, which was heavily disrupted by hurricanes and labor strikes.
The unemployment rate ticked back up to 4.2% while average hourly earnings also rose more than expected, up 0.4% from the prior month compared to the 0.3% estimate.
To speak more about the labor market and this fresh jobs print, US Department of Labor Acting Secretary Julie Su joins Yahoo Finance senior reporter Jennifer Schonberger.
"The total number of jobs created have been unprecedented under this administration. In fact, it’s the only one that has seen job growth every single month in the entire time that a president has been in office," Secretary Su claims. "We’re handing off the strongest economy in history to the next administration. The unemployment rate at, near, just above 4%, has also been very, very consistent. Defied expectations, but very, very consistent."
Secretary Su notes the positive sentiments from prime-age workers between 25 and 54 years old: "They’re coming in, they’re looking for jobs. They’re finding them because of the large number that are being created. And they’re making more in them."
The acting labor secretary also goes on to comment on employment in the retail sector, cooling layoff trends, and the Biden administration’s relationship with labor unions.
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