Despite looming recession fears, November was apparently a great month for the US labor force.
The Labor Department reported Friday released their November jobs report, which showed a steady stream of demand for workers despite the FED’s encouragement of hiring freezes due to high inflation.
The report showed that employers created 263,000 jobs amid a sea of layoffs that have been widely reported throughout the year. That was only a marginal decrease from the 284,000 jobs for October.
The report also highlighted that the unemployment rate was steady at 3.7 percent, while wages have rose 5.1 percent, which was more than what experts thought they would.
Although the outlook was good, some still advise caution and have reason for concern as the economy continues to grapple rising living costs.
“I don’t want to paint this as a weak report by any stretch, because it’s not,” said Drew Matus, chief market strategist at MetLife Investment Management in a New York Times interview. “But I do think there are parts of it that just don’t ring like something that’s repeatable month in and month out.”
Some business owners however, are optimistic about the nation’s economic outlook.
“It feels to me like we’re not in a decline, just in a consolidation, kind of a flattening,” said Jon Guidi, the chief executive of HealthCare Recruiters International to the New York Times. “I don’t get a strong negative indication on anything. It’s ‘Hey, Jon, we still need to hire, but maybe not in as much of a rush as we were a few months ago. Maybe we’ll be a little pickier.’”
