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		<title>Jobs report shows hiring surge as Fed weighs interest rate cut</title>
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		<pubDate>Fri, 06 Dec 2024 13:34:07 +0000</pubDate>
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					<description><![CDATA[U.S. hiring surged in November, bouncing back from a dismal performance in the previous month and returning to strong growth. Employers added 227,000 workers last month, exceeding economist expectations of 214,000 additional jobs, U.S. Bureau of Labor Statistics data on Friday showed. The unemployment rate ticked up to 4.2%, which remains historically low. The fresh [&#8230;]]]></description>
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<p class="EkqkG IGXmU nlgHS yuUao MvWXB TjIXL aGjvy ebVHC">U.S. hiring surged in November, bouncing back from a dismal performance in the previous month and returning to strong growth.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Employers added 227,000 workers last month, exceeding economist expectations of 214,000 additional jobs, U.S. Bureau of Labor Statistics data on Friday showed. The unemployment rate ticked up to 4.2%, which remains historically low.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">The fresh data offered a key clue about the health of the economy as the nation hurtles toward end-of-the-year holidays and the inauguration of President-elect Donald Trump. The findings could also help determine whether the Federal Reserve <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/Business/federal-reserve-cut-interest-rates-year/story?id=113837039" target="_blank">cuts</a> interest rates when officials meet later this month.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">U.S. <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/Business/jobs-report-set-released-days-election/story?id=115268994" target="_blank">hiring</a> has defied doomsayers for years. Stubborn <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/Business/inflation-expected-increased-october/story?id=115765833" target="_blank">inflation</a>, high <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/Business/federal-reserve-cut-interest-rates-year/story?id=113837039" target="_blank">interest rates</a> and a contentious presidential <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/538/2024-presidential-election-close-landslide/story?id=116240898" target="_blank">campaign</a> have proven no match for a resilient labor market.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">A weaker-than-expected reading may have raised alarm and caused observers to revisit disappointing results in October, which many economists have <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/Business/jobs-report-set-released-days-election/story?id=115268994" target="_blank">attributed</a> to one-off disruptions of data collection.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">The labor market hit a rare speed bump in October as the economy added 12,000 jobs, its weakest performance since December 2020.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">The data appeared to offer little more than a blurry snapshot due to data-gathering disruptions, however. A combination of hurricanes and work stoppages likely caused an undercount of hiring that month, experts <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/Business/jobs-report-set-released-days-election/story?id=115268994" target="_blank">told</a> ABC News.</p>
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<div class="FvQLF iLTd NqeUA UzzHi iWsMV "><picture class="lazyload"><source media="(max-width: 414px)" data-srcset="https://i.abcnewsfe.com/a/e87c37cb-8ccd-43f9-96d9-699c20b17f87/jerome-powell-federal-reserve-ap-lv-241205_1733426343468_hpEmbed_3x2.jpg?w=375, https://i.abcnewsfe.com/a/e87c37cb-8ccd-43f9-96d9-699c20b17f87/jerome-powell-federal-reserve-ap-lv-241205_1733426343468_hpEmbed_3x2.jpg?w=750 2x"><source media="(min-width: 415px)" data-srcset="https://i.abcnewsfe.com/a/e87c37cb-8ccd-43f9-96d9-699c20b17f87/jerome-powell-federal-reserve-ap-lv-241205_1733426343468_hpEmbed_3x2.jpg?w=750, https://i.abcnewsfe.com/a/e87c37cb-8ccd-43f9-96d9-699c20b17f87/jerome-powell-federal-reserve-ap-lv-241205_1733426343468_hpEmbed_3x2.jpg?w=1500 2x"></picture></div>
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<div class="nMMea bNYiy Mjgpa dGwha DDmxa jgKNG RGHCC aBIU PriDW lZur " data-testid="prism-caption">
<p><span class="hsDdd OOSI GpQCA lZur VlFaz " data-testid="prism-truncate"><span><span class="gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ ">Federal Reserve chair Jerome Powell speaks at the DealBook Summit in New York, Dec. 4, 2024.</span></span></span></p>
<p><span class="YNujN JGtjI aZFDu rkKLh  gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ ">Seth Wenig/AP</span></p>
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<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Despite an overall slowdown this year, the labor market has continued to grow. Hiring has persisted at a solid pace; meanwhile, the unemployment rate has climbed but remains near a 50-year low.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Overall, inflation has eased and the economy has expanded, giving rise to hope that the U.S. could achieve a <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/Business/soft-landing-means-chances-happen/story?id=94086706" target="_blank">soft landing</a>.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">U.S. GDP grew at a 2.8% annualized rate over three months ending in September, U.S. Bureau of Economic Analysis data last month <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://abcnews.go.com/Business/us-economy-grew-robust-pace-quarter/story?id=115296952" target="_blank">showed</a>. That figure fell slightly below economists&#8217; expectations, but demonstrated brisk growth that was propelled by resilient consumer spending.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">Inflation has slowed dramatically from a peak of more than 9% in June 2022, but price increases remain slightly higher than the Fed’s target of 2%.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy">The jobs report marks one of the last pieces of significant economic data before the Fed announces its next interest rate decision on Dec. 18.</p>
<p class="EkqkG IGXmU nlgHS yuUao lqtkC eTIW sUzSN">The Fed is expected to cut interest rates by a quarter of a percentage point, according to the <a class="zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE " data-testid="prism-linkbase" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank">CME FedWatch Tool</a>, a measure of market sentiment.</p>
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<br /><a href="https://abcnews.go.com/Business/jobs-report-expected-show-hiring-surge/story?id=116481849">Source link </a></p>
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