U.S. hiring cooled in November, extending a sluggish trend seen throughout much of the year, according to new federal data. Still, job growth came in slightly above economists’ expectations.
Job Growth Slows, Unemployment Edges Up
Employers added 64,000 jobs in November, down sharply from 119,000 in September, the most recent month with complete data. The unemployment rate rose to 4.6% from 4.4%, reaching its highest level in years but remaining low by historical standards, the Bureau of Labor Statistics said.
Healthcare Drives Most Gains
Healthcare accounted for the majority of hiring, adding 46,000 jobs. Construction and social assistance also posted gains, while transportation and warehousing lost 18,000 jobs in November.
Federal government employment fell by a combined 168,000 jobs in October and November, largely due to workers accepting deferred resignation offers.
Fed Rate Cuts Aim to Boost Labor Market
The report follows the Federal Reserve’s third interest rate cut of the year, lowering its benchmark rate to between 3.5% and 3.75%. Fed Chair Jerome Powell said policymakers are cautiously assessing further cuts as they balance inflation control with the goal of strengthening employment.
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