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United States Unemployment November 2023

United States: Labor market stays solid in November

Total non-farm payrolls grew by 199,000 in November, up from 150,000 in October and slightly above market expectations. Job gains were seen in health care, government and manufacturing, with the latter due to the end of the strike at car manufacturers.

The unemployment rate was 3.7% in November, down from 3.9% in October, while annual wage growth dipped to slightly below 4%.

Taken together, the figures show that the labor market remained in good shape in November, which should be providing support to private consumption.

Our Consensus is for the labor market to gradually lose steam ahead, with the unemployment rate forecast to reach 4.4% by the end of next year.

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