Total nonfarm payroll employment rose by 252,000 in December, and the unemployment rate declined to 5.6 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, construction, food services and drinking places, health care, and manufacturing.
Treasuries fell, pushing two-year note yields to the highest level since 2011, after the U.S. added more jobs than estimated in November, reflecting strength in the world’s largest economy as global growth slows.
A broad-based November hiring surge ranging from factories to offices and retailers powered the U.S. economy to the largest number of jobs created in almost three years, triggering long-awaited wage gains.
The U.S. economy added 321,000 jobs in November and far more than forecast. The November jobs report is impressive in its strength but offers few worries to the Fed in terms of budding inflationary pressures.
Total nonfarm payroll employment increased by 321,000 in November, and the unemployment rate was unchanged at 5.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, led by growth in professional and business services, retail trade, health care and manufacturing.
Consumer spending in the U.S. unexpectedly dropped in September as incomes rose at the slowest pace of the year, indicating the economy will have difficulty sustaining a pickup in growth into the end of the year.