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US jobs growth beats expectations in November; unemployment rate steady at 4.1%

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US jobs growth beats expectations in November; unemployment rate steady at 4.1%

The rise in U.S. nonfarm payroll employment in November beat expectations, indicating the job market continues to tighten just as the Federal Reserve is expected to raise rates at its final meeting of the year later in December.

U.S. nonfarm payroll employment rose by 228,000 jobs in November, well above Econoday's consensus estimate of 190,000. The unemployment rate remained unchanged at 4.1%, in line with expectations.

The department revised the total number of jobs added in October down to 244,000 from 261,000. The change for September was revised up to a gain of 38,000 jobs from 18,000.

Average hourly earnings for all employees on private nonfarm payrolls increased by 5 cents to $26.55. Average hourly earnings rose by 64 cents, or 2.5%, over the year, slightly below expectations of a 2.6% increase.

Total private payrolls increased by 221,000 after increasing by 247,000 in October. The labor force participation rate remained unchanged at 62.7% in November.

The number of long-term unemployed, those who have been jobless for at least 27 weeks, remained unchanged at about 1.6 million in November but decreased by 275,000 over the year. The number of involuntary part-time workers, those who would have preferred full-time employment, remained unchanged at 4.8 million but was down by 858,000 over the year.

Employment continued to rise in the professional and business services, manufacturing, and healthcare sectors. Professional and business services added 46,000 jobs, manufacturing posted job gains of 31,000 and healthcare added 30,000 jobs in the month.

Employment changed little over the month in mining, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government.

Fed fund futures indicate a near 100% chance that the central bank will raise rates by 25 basis points after its Dec. 12-13 meeting.

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