US Economy Adds More Jobs Than Expected Despite Fed Rate Hikes

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Published on December 2, 2022 - Duration: 01:31s

US Economy Adds More Jobs Than Expected Despite Fed Rate Hikes

US Economy Adds , More Jobs Than Expected , Despite Fed Rate Hikes.

NBC reports that America's economy showed better job growth than expected in November.

The higher-than-expected numbers came despite aggressive rate hikes by the Federal Reserve meant to slow the labor market and bring down inflation.

The higher-than-expected numbers came despite aggressive rate hikes by the Federal Reserve meant to slow the labor market and bring down inflation.

According to a Labor Department report released on December 2, nonfarm payrolls grew 263,000.

According to a Labor Department report released on December 2, nonfarm payrolls grew 263,000.

Economists surveyed by Dow Jones had predicted an increase of just 200,000.

Last month, the monthly gain had been slightly higher with payroll numbers revised to 284,000.

Meanwhile, the unemployment rate came in at 3.7%, exactly as predicted by economists.

NBC reports that the numbers will likely not slow Fed interest rate hikes as the central bank continues to wrestle with inflation at a forty-year high.

NBC reports that the numbers will likely not slow Fed interest rate hikes as the central bank continues to wrestle with inflation at a forty-year high.

Working contrary to the Fed's efforts to fight inflation, average hourly earnings climbed 0.6% in November.

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That's double what Dow Jones estimated it to be for the month.

Compared to the same time last year, wages were reportedly up 5.1%.

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Economists had predicted , just a 4.6% increase.


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