The jobs figures were bolstered by the return of striking auto and film industry workers, and indicated that the economy continues to operate at a brisk clip despite Federal Reserve interest rate hikes.
Health care saw a strong jobs uptick in November, adding 77,000, while government (49,000), manufacturing (28,000), and leisure and hospitality (40,000) also posted big gains. Average hourly earnings were up by 0.4% compared with the previous month, and increased by 4% on a year-over-year basis.
Mortgage Bankers Association (MBA) senior vice president and chief economist Mike Fratantoni said that despite the higher-than-expected jobs figures, growth was concentrated in just a few sectors, “while employment is little changed or declining in other sectors.”
He said the yearly pace of wage growth was “likely too rapid” to be consistent with the Fed’s 2% inflation target, and an indicator of a robust labor market.
“These trends… paint a picture of a job market that is still strong, even though the number of job openings has declined, and at least some sectors are seeing an increase in layoffs,” Fratantoni said in a note after the release.
Source: mpamag.com