U.S. company payrolls rose by 67,000 in November, according to the latest ADP report. FOX Business’ Lauren Simonetti with more.
U.S. hiring surged in November, as the economy added 266,000 jobs and unemployment returned to a half-century low, a sign the U.S. is powering through a global slowdown.
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The payroll number easily topped the estimate of 180,000 from economists surveyed by Refinitiv.
Unemployment ticked down slightly to 3.5 percent as more people were looking for work, matching a 50-year low. The labor force participation rate was little changed at 63.2 percent. Average hourly earnings, meanwhile, rose by 3.1 percent over the past year to $28.29.
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Revisions, meanwhile, added 41,000 jobs for the prior two months, bringing the three-month average to 205,000, a 10-month high.
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The blockbuster report provides further evidence that the U.S. economy is withstanding a global slowdown, and reinforces the Federal Reserve's characterization of the labor market as "strong". It also affirms the central bank's decision to press pause on further interest rate cuts this year. Economists widely expect policymakers to leave interest rates unchanged at their two-day meeting next week.
“This is a blowout number and the U.S. economy continues to be all about the jobs,” said Tony Bedikian, managing director of Citizens Bank.
This is a developing story. Please check back for updates.
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https://news.google.com/__i/rss/rd/articles/CBMiSGh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL25vdmVtYmVyLWpvYnMtcmVwb3J0LWVtcGxveW1lbnQtZGF0YdIBTGh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL25vdmVtYmVyLWpvYnMtcmVwb3J0LWVtcGxveW1lbnQtZGF0YS5hbXA?oc=5
2019-12-06 13:21:43Z
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