US job growth strengthens in November after weak October report
Date
12/9/2024 1:51:37 AM
(MENAFN) US employment growth bounced back in November with solid payroll increases after the weaker October jobs report reflected workforce disruptions caused by hurricanes and labor strikes.
The Labor Department announced on Friday that companies added 227,000 jobs in November, surpassing the forecast from LSEG economists.
The unemployment rate edged up to 4.2 percent, from 4.1 percent the previous month, matching expectations.
Job growth for the past two months was revised upwards, with September's job increase adjusted up by 32,000, from 223,000 to 255,000, and October's revised up by 24,000, from a gain of 12,000 to 36,000. The private sector contributed 194,000 new jobs in November, slightly below the 200,000 forecast by LSEG economists.
The manufacturing industry saw an uptick of 22,000 jobs in November, including a 32,000 job rise in transportation equipment manufacturing after workers who had been on strike returned to work. This follows a loss of 46,000 manufacturing jobs in October, largely attributed by the Bureau of Labor Statistics to strike actions in the transportation equipment sector, as approximately 33,000 unionized machinists at Boeing were on strike from early September to early November.
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