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US hiring tops expectations in November as wages pick up

US hiring tops expectations in November
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US job gains were unexpectedly robust in November despite efforts to cool the economy, while unemployment held steady and wages ticked up, the government reported Friday.

The figures provide little relief to officials who have been fighting to tamp down decades-high inflation amid concerns that high costs could become entrenched.

The world’s biggest economy added 263,000 jobs in November, Labor Department data showed, and the unemployment rate remained at 3.7 percent.

Average hourly earnings for private sector workers rose 18 cents to $32.82.

Over the last 12 months, wages have grown 5.1 percent.

While policy tightening is ordinarily expected to lead to job losses, economists have noted that firms are reluctant to shed workers they struggled to find.

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AFP

Agence France-Presse (AFP) is a French state-owned international news agency based in Paris. It is the world's oldest news agency, having been founded in 1835 as Havas.




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