US added 227,000 jobs in November

: Metals
24/12/06

The US added 227,000 non-farm jobs in November as hiring bounced back after two hurricanes and a strike dampened the prior month.

Job gains for the prior month were revised higher to 36,000 from an originally reported 12,000, the Labor Department said today. Payroll employment increased by a monthly average of 186,000 jobs for the 12 months through November.

The unemployment rate edged up to 4.2pc from 4.1pc and was higher than the 3.7pc rate a year earlier.

The CME's FedWatch tool showed an 87pc probability the Federal Reserve will cut its target rate by a quarter point at its 19 December meeting, up from 70pc probability on Thursday. The Federal Reserve has signaled it will be cautious in determining the pace of further rate cuts next year after beginning to cut rates from two-decade highs this year as inflation slowed.

Health care added 54,000 jobs, with leisure and hospitality adding 53,000. Government added 33,000 and transportation equipment manufacturing added 32,000 after the return of workers who were on strike.

Retail trade lost 28,000. Manufacturing added 22,000, construction added 10,000 and mining and logging added 2,000.

Average hourly earnings advanced by an annual 4pc.

By Bob Willis

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