Published: Sun, December 09, 2018
Markets | By Otis Pena

US Job Growth Slows to 155,000 in November

US Job Growth Slows to 155,000 in November

"Adding 155,000 jobs this month is not a disappointment", Martha Gimbel, director of economic research at Indeed Hiring Lab, told MarketWatch, noting the United States is still adding "twice the jobs that the economy needs to add each month to keep the unemployment rate steady".

WASHINGTON-U.S. businesses added a smaller yet still healthy number of jobs in November, while the unemployment rate remains at a five-decade low and wages rose solidly.

This job total is a decrease from the 35,600 healthcare jobs added in October but an increase from the 27,500 jobs the industry added in September.

"The economy continues to churn out new jobs and reflects the strong underlying business conditions that point to steady, albeit slower job growth and economic activity in 2019", said Joe Brusuelas, chief economist at consulting firm RSM.

The jobs report, a high-level diagnosis on the health of the USA economy, indicated a slight cooling off.

The jobless rate was unchanged at 3.7 per cent in November, matching estimates.

The slowdown in hiring reported by the Labor Department on Friday is likely the result of worker shortages.

In the wake of the employment report, US financial markets continued to price in one rate hike from the Fed in 2019, compared with expectations for possibly two rate hikes a month earlier, according to CME Group's FedWatch program. It's the second straight month hourly wages rose better than 3% from a year earlier.

Service workers "don't have the leverage to take advantage of tight labor markets", said AFL-CIO chief economist Bill Spriggs. A key measure of employment is the share of prime-age adults (ages 25-54) who are in the labor force, as these individuals are typically not in school or retired.

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Average hourly earnings for Americans are now at $27.35 an hour.

Stocks have been harmed by vulnerability whether a 90-day ceasefire concurred by U.S. President Donald Trump and Chinese President Xi Jinping throughout the end of the week will hold and lead to an enduring facilitating of exchange pressures between the world's two biggest economies.

The most recent data shows an economy in solid shape.

US work development hindered in November and month to month compensation expanded not exactly expected, proposing some control in monetary action that could bolster desires for less loan cost increments from the Federal Reserve in 2019.

The housing market, on the other hand, has stumbled throughout 2018 as the Fed's rate hikes have contributed to sharply higher mortgage rates. The Fed has signaled that it could increase rates again next year. The Fed's rate hikes could send borrowing costs higher.

The retail sector, which is readying for a very busy holiday season, saw surprisingly anemic employment growth. Employers have posted 7 million open jobs, outnumbering the ranks of the unemployed, which fell last month to just under 6 million.

Retailers responded by adding 18,200 positions in November, the highest number in six months.

Shepherdson also said Friday's report showed little sign that weaker job growth was due to Trump's trade war as employment rose in the trade-sensitive manufacturing sector. Hiring also slowed in restaurants, bars and hotels. Americans increased their spending in the highest level seen in seven months, and their incomes grew by the most in nine months, according to a government report last week. The three-month average was 170,000 job additions.

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