WASHINGTON — Job growth rebounded in November from the weather-related stall in hiring the previous month, fresh evidence that the labor market remains healthy despite signs of a slowing economy overall, according to new government data released Friday.
The nation’s unemployment rate edged up to 4.2% last month from 4.1% as more people reported being unemployed and others left the labor force. That is still low by historical standards, although the rate has crept up from 3.7% at the start of the year.
The report by the U.S. Bureau of Labor Statistics, which was slightly stronger than economists had expectated, won’t make it easier for members of the Federal Reserve as they weigh whether to cut interest rates further in their final 2024 meeting later this month.
The Fed wants to strike a balancing act between maintaining stable economic and job growth, which are showing signs of slowing, and continuing to bring inflation down as it remains above their 2% target.
Friday’s report showed that employers added 227,000 net new jobs in November, led by big gains in healthcare and leisure and hospitality. The retail industry, which in past years tended to add a lot of seasonal help in late fall, lost 28,000 jobs over the month and has barely grown all year, a reflection of continuing difficulties at brick-and-mortar stores and a slowdown in retail sales.
The overall November payroll gains included some recovery from the prior month, when only 36,000 jobs were added, thanks to hurricanes and a strike by Boeing workers, which has since ended.
Averaging the last two months, job growth was 131,500 a month, which is below the monthly average of 186,000 gains in the prior 12 months.
In November, average hourly earnings for all employees in the private sector rose by 13 cents, to $35.61. That’s a 4% increase from a year ago, which is about one percentage point above the annual rate of inflation.
California’s jobs report for November will be released on Dec. 20.
In October, California employers shed 5,500 jobs and the statewide unemployment rate edged up to 5.4%.
