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Strong November Job Numbers Stoke Worries of Continued Fed Hawkishness
Employers nationwide added 263,000 jobs in November although unemployment remained at 3.7%, the Labor Department reported Friday. The increase amid a slow-growing economy and persistent inflation followed October’s better-than-expected jobs report.
The Associated Press reported that November’s hiring gains raised concerns that the Federal Reserve may now have to keep interest rates higher for even longer than many assumed. Dow Jones Industrial Average futures slid nearly 400 points following Friday’s report.
At the Mortgage Bankers Association, chief economist Mike Fratantoni said, “Despite this better-than-expected report, MBA is holding to its forecast of a recession in the U.S. in the first half of 2023. While the payroll survey showed a slower pace of growth, the household survey again showed an outright decline in employment – with a drop of 138,000 in November. With other data showing declines in job openings and increases in announced layoffs, we do expect further weakening ahead.”
- ◦Economy
