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In November, the U.S. labor market added 199,000 net new jobs. The unemployment rate dipped slightly to 3.7%. Healthcare was once again an industry leader in job gains, but the return of striking workers in auto manufacturing also contributed to this past month’s gains.
The labor market remains strong, despite its gradual slowing. The resilience of this labor market should be commended, especially considering the cooling forecasts seen in late 2022 and early 2023. This report has “soft landing” written all over it.
Steady labor force participation
Nonfarm payroll gains have slowed in 2023, but the gains this month
