New Job Figures Are Out

Hiring doesn't meet expectations, but investors seem happy
By Newser Editors and Wire Services
Posted Dec 7, 2018 8:01 AM CST
Job Gains Fall Short of Expectations
A job applicant talks with company representatives at a JobNewsUSA job fair in Miami Lakes, Fla.   (AP Photo/Lynne Sladky, File)

US employers pulled back on hiring in November, adding just 155,000 jobs. That's below this year's average monthly gains but enough to suggest that the economy is expanding at a solid pace despite sharp gyrations in the stock market, per the AP. Analysts had expected a gain of 198,000 jobs, reports the Wall Street Journal. The Labor Department says the unemployment rate remained 3.7%, nearly a five-decade low, for the third straight month. Average hourly pay rose 3.1% from a year ago, matching the previous month's figure, which was the best since 2009.

All in all, investors seemed pleased with the numbers. Stock futures trimmed losses upon the report's release—Dow futures had been down 120 points in the morning, but were down just 30 after the report. That may be because investors think the Fed will be less likely to raise interest rates in the near future, notes CNBC. The numbers come out as rising trade tensions between the US and China and slowing global growth have roiled financial markets.

(Read more unemployment stories.)

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