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US payrolls stabilized to add 227,000 in November following October disruptions from weather and strike events. The pace of job growth in the second half of 2024 now averages 137,000, below 2019 levels but consistent with healthy gains and an economy near full-employment.
The unemployment rate edged up to 4.2% reflecting a rise in permanent job losses, yet layoffs remain subdued overall and initial unemployment claims have not risen in tandem. Labor force exits jumped in November, likely driven by ongoing retirements, underscoring demographic challenges even as new entrants continue to add to the workforce.
The US labor market remains on healthy footing heading into year end. Looking ahead, signals of rising confidence among businesses and job-seekers bring cautious optimism to our 2025 labor market outlook. Moreover, reduced uncertainty post-election and Federal Reserve interest rate cuts will help lift hiring demand and maintain labor market’s strength.
• November payrolls added 227,000 jobs, recovering from October’s weather and strike disruptions, with payrolls growing broadly across sectors.
• The une
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