{"id":1759929,"date":"2022-12-02T12:48:44","date_gmt":"2022-12-02T17:48:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1759929"},"modified":"2022-12-02T12:48:48","modified_gmt":"2022-12-02T17:48:48","slug":"unemployment-down-robust-labor-market-as-holidays-approach-jobs-report-shows","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unemployment-down-robust-labor-market-as-holidays-approach-jobs-report-shows\/","title":{"rendered":"Unemployment Down; Robust Labor Market As Holidays Approach, Jobs Report Shows"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Funemployment-down-robust-labor-market-as-holidays-approach-jobs-report-shows%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1759929&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/unemployment\" target=\"_blank\" rel=\"noopener\">Unemployment<\/a> remained historically low in November as the number of new jobs soared past economists\u2019 forecasts, according to <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\">data<\/a> from the Bureau of Labor Statistics released Friday.<\/p>\n<p>Total nonfarm employment increased by 263,000 last month, surpassing analysts\u2019 expectations of 200,000 new positions. The unemployment rate was unchanged from the previous month at 3.7%.<\/p>\n<p>\u201cThe November employment report delivers a holiday season package of good news for American workers, including a strong increase in wages,\u201d Bankrate Senior Economic Analyst Greg McBride said in comments provided to The Daily Wire. \u201cIn keeping with the classic divide sometimes seen between Main Street and Wall Street, the report tells the Federal Reserve it has more work to do in its battle against inflation, meaning higher interest rates to come.\u201d<\/p>\n<p>The central bank has indeed been eyeing employment data as officials roll back nearly three years of aggressive monetary stimulus, including near-zero target federal funds rates and the purchase of government securities from market actors. Policymakers have <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-hikes-interest-rates-three-quarters-of-a-point\" target=\"_blank\" rel=\"noopener\">raised rates<\/a> by three-quarters of a percentage point on four consecutive occasions, leading to chaos in the housing market and raising the cost of borrowing money for consumers and businesses.<\/p>\n<p>Industries such as leisure and hospitality, healthcare, government, information, and manufacturing witnessed a \u201cgenerally good distribution of job growth,\u201d according to McBride, who observed that \u201cretailing as well as warehousing and distribution posted job declines\u201d in an unexpected reality for the holiday season. Amazon and FedEx revealed plans to <a href=\"https:\/\/www.dailywire.com\/news\/two-critical-companies-will-lay-off-furlough-employees-during-holiday-shopping-season\" target=\"_blank\" rel=\"noopener\">dismiss employees<\/a> ahead of the critical period for logistics companies; the former will lay off employees in human resources, retail, and devices, while the latter will furlough delivery drivers.<\/p>\n<p>Businesses have faced labor shortages as the number of positions available exceeds the number of workers available to fill them. \u201cThere continues to be a detrimental disconnect or imbalance between the supply and demand for labor,\u201d McBride continued. \u201cDemand broadly appears to remain remarkably strong, but any number of factors are continuing to weigh on the supply of prospective workers with labor force participation falling over the past two months and still below pre-pandemic levels.\u201d<\/p>\n<p>Federal Reserve Chair Jerome Powell <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-chair-jerome-powell-discusses-future-slowdown-of-rate-hikes\" target=\"_blank\" rel=\"noopener\">remarked<\/a> on Wednesday that the workforce \u201cparticipation gap\u201d is largely a result of \u201cexcess retirements\u201d that occurred beyond \u201cwhat would have been expected from population aging alone,\u201d even as young people largely return to the job market.<\/p>\n<p>Gains in nominal wages continued to lag behind rising price levels, implying an overall decrease in household purchasing power. While average hourly earnings rose 5.1% year-over-year as of November, the most recent inflation <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"noopener\">report<\/a> from the Bureau of Labor Statistics showed 7.7% headline inflation as of October; price level data has not yet been released for last month.<\/p>\n<p>The robust employment data will likely lead Federal Reserve officials to continue hiking interest rates. Some analysts have <a href=\"https:\/\/www.dailywire.com\/news\/elon-musk-agrees-with-a-furious-jeremy-siegel-that-fed-actions-which-blew-up-the-stock-market-make-absolutely-no-sense\" target=\"_blank\" rel=\"noopener\">criticized<\/a> policymakers for causing harm through their excessive zeal to manage inflation soon after a prolonged increase in the money supply.<\/p>\n<p>\u201cThe Federal Reserve checks the box off on this report now less than two weeks away from its next policy-setting session,\u201d McBride remarked. \u201cIn any case, Federal Reserve officials are intent on raising the benchmark rate further into restrictive territory.\u00a0 Even if the central bank eases up as expected on the magnitude of rate increases, the journey likely continues in 2023 toward a higher ultimate rate destination in the pursuit of restraining inflation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unemployment remained historically low in November as the number of new jobs soared past economists\u2019 forecasts, according to data from the Bureau of Labor Statistics released Friday. Total nonfarm employment increased by 263,000 last month, surpassing analysts\u2019 expectations of 200,000 new positions. The unemployment rate was unchanged from the previous month at 3.7%. \u201cThe November &#8230;<\/p>\n","protected":false},"author":99,"featured_media":999877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1759929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1759929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1759929"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1759929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/999877"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1759929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1759929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1759929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}