WASHINGTON – Non-farm payrolls rose 228,000 in November and were up 221,000 for private jobs alone, both ahead of expectations, the Bureau of Labor Statistics said on Friday.
An MNI analysis had shown a tendency of analysts to underestimate payrolls in November.
Payrolls in September and October were revised up by a net 3,000, reflecting an upward revision to September and downward revision to October, according to the bureau’s November employment report. The largest gains were in health care, manufacturing, and construction, while retail and food services both added small gains.
The unemployment rate held steady at 4.1%, but rose modestly to 4.118% unrounded vs 4.065% in October, as household unemployed rose slightly faster than employed. The participation rate held steady at 62.7%.
Average hourly earnings were up 0.2% in November after a 0.1% decline in October, softer than the 0.3% gain expected. The year-over-year rate rose to 2.5% from 2.3% in the previous month.
Overall, the data suggest payrolls strength and a low unemployment rate now that the hurricane-led volatility of the previous two months has passed.
Friday’s report should not have an impact on the FOMC decision the week of Dec. 11, but will be a topic of discussion for policy going forward.
