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The U.S. labor market demonstrated continued strength and job gains in November 2023, defying predictions of an imminent recession. Employers added 199,000 jobs during the month according to the Labor Department’s latest data. The unemployment rate also dropped to 3.7%, a historic low indicating labor demand remains robust.
However, the rate of job growth has begun moderating across most industries. Service sectors including healthcare, hospitality, entertainment and government led hiring last month. But goods-producing industries like manufacturing, construction and retail posted more modest gains or losses, likely impacted by high interest rates and inflation.
The November data does point to
