The number of jobs in the United States swelled more than expected last month. The favorable economic data, however, probably will not enough to dissuade the Federal Reserve from cutting interest rates Tuesday.
The Labor Department said Friday that nonfarm payrolls grew by 94,000 in November. Economists had expected a gain of 70,000. Growth slowed, however, from an October gain of 170,000.
The growth came despite continued declines in the number of construction jobs. Jobs in the industry fell by 24,000 in November. A sharp pullback in home building is putting many laborers out of work.
Subscribe to:
Post Comments (Atom)
1 comment:
The Labor Department also said that the unemployment rate held during November at 4.7%. It marked the third straight month at that rate and was slightly under analyst expectations for 4.8%.
Post a Comment