WASHINGTON -- U.S. employment likely rebounded last month after a dismal October, when hurricanes and strikes cut job growth to the lowest level in nearly four years.
Friday's jobs report from the Department of Labor expects employers to have added about 208,000 jobs in November, according to a survey of forecasters from data firm FactSet. That would mark a sharp recovery from October's gains of only 12,000 jobs—the fewest in any month since December 2020.
The labor market has cooled from the dizzying highs of 2021-2023, when the economy staged a robust recovery from the 2020 pandemic recession and many employers were aggressively hiring. Still, the October slump was exaggerated by the temporary effects of Hurricanes Helene and Milton and by strikes at Boeing and elsewhere.
"The November jobs report will likely show that hiring remains 'relatively strong,'" wrote Nancy Vanden Houten, chief U.S. economist at Oxford Economics.
The unemployment rate is believed to have remained at a low 4.1% in November, indicating that Americans as a whole are enjoying unusual job security. The government announced this week that the number of layoffs fell to just 1.6 million in October, below the lowest level in two decades preceding the pandemic. At the same time, vacancies recovered from a 3.5-year low—a sign that companies are still looking for workers even as workforce dynamics have cooled.
The US economy has shown resilience under continued high interest rates pressure. To combat inflation—the worst wave in four decades—the Federal Reserve raised interest rates eleven times during 2022 and 2023. Despite expectations for an economic recession due to higher financing costs for consumers and businesses, growth persisted with consumer spending continuing robustly alongside employer hiring efforts.
The economy grew by an annual rate of 2.8% between July and September driven by healthy consumer spending patterns; annual economic growth exceeded respectable levels above or around approximately over eight out nine quarters since then while inflation dropped substantially after peaking mid-June last year down towards more manageable figures recently recorded monthly comparisons yet Americans expressed frustration regarding persistent elevated pricing scenarios under current administration leadership decisions opting instead elect former President Donald Trump back into office recent electoral cycle occurrences unfolded accordingly throughout nation-wide voting processes undertaken across various jurisdictions involved therein respectively on behalf all constituents represented therein likewise participating electorate engagement activities commenced successfully concluded finalized results published disseminated public domain access wide-reaching coverage outlets available general 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