The United States economy added 199,000 jobs in the month of November, putting the unemployment rate at 3.7 percent according to the latest employment report from the Bureau of Labor Statistics. That print beat than the median estimate from economists which called for 180,000 new jobs and a 3.9 percent unemployment rate.
Payroll employment increases by 199,000 in November; unemployment rate edges down to 3.7% #JobsReport #BLSdata https://t.co/ZwrVfLviqL
— BLS-Labor Statistics (@BLS_gov) December 8, 2023
Despite the movement in the monthly number and unemployment rate, the Bureau of Labor Statistics (BLS) said that "the number of unemployed persons showed little change at 6.3 million" and the better-than-expected read can be, at least in part, attributed to "the return of workers" following the resolution of the UAW strike.
November's job growth still lagged behind the average monthly growth of 240,000 over the previous 12 months, and government jobs were again a leading contributor to job growth that offset a loss in retail jobs — an industry that normally sees growth during the busy Christmas and holiday shopping season.
So while November's report might look positive, a significant number of jobs were not created by a strong economy, they came about due to a bloating government and striking workers returning to the jobs they already had.
Following the release of November's jobs report, Dow futures dipped more than 150 points over continuing uncertainty regarding what the Federal Reserve will do with interest rates at its next meeting.
Dow futures down 100 points after November jobs report surpasses expectations https://t.co/z1FSjbgIl3
— MarketWatch (@MarketWatch) December 8, 2023
The Fed's last rate increase was seen in July, and the central bank has avoided making any changes at the subsequent two meetings. Still, interest rates remain higher than they've been since early 2001.
In addition to the top-line number causing heartburn for Wall Street, the November report showed that average hourly earnings increased 0.4 percent month-over-month for an annual advance of 4.0 percent. Despite the fact that American workers' wages lagged behind inflation for more than 24 consecutive months under Biden, an increase now is likely to spur more spending, pushing inflation up again.
As has happened with almost every jobs report in 2023, BLS revised down its previous reports. This time, September's jobs report was reduced by 35,000 jobs.
"The labor market continues to soften with job creation last month coming in well below the recent average and a disproportionate share of job creation in unproductive government jobs yet again," emphasized Job Creators Network President and CEO Alfredo Ortiz. "Real wages continue to stagnate, growing at the same rate as core inflation following significant declines in the first two years of Biden's presidency. As usual, job creation in recent months was revised down," Ortiz underscored. "Nearly one million more Americans are unemployed since April."
"The poor economy is a result of Bidenomics, which is merely a euphemism for big government," Ortiz continued in a statement provided to Townhall. "As a result, ordinary Americans are facing a difficult Christmas season, and small business sentiment is at a record low, according to JCN's latest SBIQ national poll of small businesses. President Biden is the Grinch who stole Christmas."