The number of Americans filing for unemployment benefits rose to a six-month high last week, suggesting some loss of momentum in the labor market amid a sharp economic slowdown and major stock market selloff.
The number of Americans filing for unemployment benefits last week fell from a five-month high, suggesting sustained labor market healing that could lead to further Federal Reserve interest rate hikes next year.
The number of Americans filing for unemployment benefits rose to a five-month high last week, but likely does not signal a deterioration in the labor market as the underlying trend remained consistent with tightening conditions.
After yesterday’s massive Europen Central Bank-induced moves across all markets, traders were a bit shell-shocked heading into the always important Non-Farm Payrolls report. Today’s jobs report was even more highly anticipated than usual because it represented the last major U.S. economic release ahead of the Fed’s December monetary policy meeting, where the central bank is mulling its first interest rate hike in nearly a decade.
Total nonfarm payroll employment increased by 211,000 in November, and the unemployment rate was unchanged at 5.0%, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in construction, professional and technical services, and health care. Mining and information lost jobs. Household Survey Data In November, the unemployment rate held at 5.0%, and the number of unemployed persons, at 7.9 million, was essentially unchanged.