HomeFinancial MarketsNovember Jobs Report Expected to Show Resurging Job Growth

November Jobs Report Expected to Show Resurging Job Growth

November’s jobs report is set to be released later on Friday, with Wall Street analysts expecting a rebound in job growth to be depicted. The addition of 185,000 nonfarm payrolls is expected from the Bureau of Labor Statistics report, up from a 150,000 rise in October. Unemployment is expected to remain at 3.9%, as was the case in the previous month.

“We expect the November employment report to show an acceleration in job growth, driven by the return of striking UAW and SAG-AFTRA workers,” Oxford Economics lead US economist Nancy Vanden Houten explained in reference to Hollywood workers who have been on strike. “Looking through strike-related noise, we expect the jobs report to be consistent with softening labor market conditions, allowing the Fed to forego more rate increases.

As data continues to point to a loosening labor market and cooling inflation, investors are increasingly betting that the Federal Reserve will cut interest rates early next year. Fed Chair Jerome Powell acknowledged in a speech on December 1 that the economy is slowing toward a “more sustainable level”.

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