Like NBC’s star-studded live musical “The Wiz Live” that aired last night to rave reviews, the November jobs report — which was released this morning — delivered a solid performance and beat expectations.
Here are three things to know from today’s report:
1. Another month of strong growth. The U.S. economy added 211,000 jobs in November, keeping the streak of “solid” and “stronger than expected” jobs reports alive. Meanwhile, the unemployment rate held relatively steady at 5 percent.
2. Will they or won’t they? We are of course referring to the Federal Reserve. If you’re wondering whether the outcome of today’s jobs report will lead the Fed to raise interest rates, you’re not alone and, while there isn’t a guarantee, signs appear to be pointing in that direction.
According to The New York Times: “The American economy created 211,000 jobs in November, the government reported Friday, a robust showing that all but guarantees policy makers at the Federal Reserve will raise interest rates for the first time in nearly a decade when they meet this month.”
According to Forbes: “The Bureau of Labor Statistics released a somewhat stronger than expected November jobs report Friday, with numbers more than solid enough to support a interest rate hike from Federal Reserve later this month.”
According to Business Insider: “On Friday morning, the November jobs report paved the way for the Federal Reserve to raise its benchmark interest rate in two weeks.”
According to Marketwatch: “The economy produced another sturdy gain in new jobs in November, all but guaranteeing the Federal Reserve will raise U.S. interest rates later this month in response to a tightening labor market.”
3. Winners and losers. Some industries fared better than others in November. Health care, retail and professional/technical services fared well while growth in mining (oil/energy) continues to decline.
And speaking of winners, job gains for both September and October were stronger than was previously reported. October’s jobs numbers were revised up by 27,000 (from +271,000 to +298,000) while September’s gains were revised up by 8,000 (from +137,000 to +145,000). That’s a combined total of 35,000 more jobs than previously stated.