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In November, the United States of America experienced a surge in job creation, surpassing analysts’ expectations. The Department of Labor recently released payroll data that revealed the creation of 199,000 non-agricultural job openings in the country.
This figure exceeded the estimate of 180,000 new positions that analysts had predicted. Among the 26 analysts interviewed by Projetos Broadcast, the consensus was that the USA had created approximately 198,000 jobs in the previous month.
Despite the positive job growth, the unemployment rate fell short of analysts’ hopes for stability. It dropped from 3.9% in October to 3.7% in November. The number of unemployed individuals also decreased from 6.506 million in October to 6.291 million in November.
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In addition to the increase in job creation, November also witnessed a rise in average hourly wages for non-agricultural private payrolls in the US. This metric increased by 12 cents, or 0.4%, reaching US$34.10. Over the span of 12 months, average earnings per hour rose by 4.0%.
The market had anticipated that the payroll data would align with findings from other studies published earlier in the week, such as Jolts and ADP, which pointed to a decline in the US labor market. However, the data released by the Department of Labor revealed a different trajectory for employment growth.
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It is worth mentioning that on October 31, around 25,300 members of the UAW automotive union put an end to their strikes against major manufacturers in the country. This return to work was expected to have an impact on the payroll data since suspended workers are not included in the calculations.
Despite the job growth in November, it fell short of the average monthly gain of 240,000 jobs over the previous 12 months. However, there was still significant growth in certain sectors. The manufacturing industry experienced an increase, which can be attributed to the return of striking workers. Similarly, employment in the retail sector also saw a rise.
Overall, the payroll data released for November portrayed a more positive image of the US labor market than initially anticipated. Job creation exceeded expectations, leading to a decrease in the unemployment rate. The increase in average hourly wages further highlights the progress made in the labor market. While the data fell short of the average monthly gain, certain sectors, like manufacturing and retail, experienced growth, indicating a resilient economy.
