The United States added 227,000 jobs in November, triggering possible Fed rate cuts at the end of the year.

227,000 jobs were added to the economy in November. (iStock )

The month of November was marked by a higher increase in the number of jobs than initially expected. Non-farm payroll employment increased by 227,000, while the unemployment rate increased slightly to 4.2%, the The U.S. Bureau of Labor Statistics reported. The health care, hospitality and government sectors contributed significantly to job growth.

“Although payroll employment rebounded in November with a gain of 227,000 jobs and previous months were revised upward with a total of 56,000 jobs, the report overall shows a sharper slowdown in the market of labor,” said Mike Fratantoni, MBA’s senior vice president and chief economist. said in response to the latest report.

“The household survey again showed a significant decline in employment, and more households reported periods of long-term unemployment,” Fratantoni said.

Job growth numbers are solid, but with unemployment moving little, many Americans are still struggling to find work. The retail sector lost the most jobs in November, with a loss of 28,000 jobs.

Compared to last year, the unemployment rate remains high, at 4.2%. This time last year, the unemployment rate was 3.7%.

The health care sector had a good month in November, creating 54,000 jobs. The employment and leisure sectors created a similar number of jobs last month, at 53,000. This figure is similar to the number of jobs created by the industry in October.

Public employment also trended upward, adding 33,000 jobs in November, comparable to the average monthly gain of 41,000 seen over the previous 12 months. Manufacturing of transportation equipment and equipment also created 32,000 similar jobs, largely due to the return of Boeing workers on strike during the previous months.

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Fed expected to announce rate cuts in December

A stable job market and rising unemployment rate could potentially influence any interest rate cuts expected to be announced at the Federal Reserve's December meeting.

“Fed officials have emphasized their 'data dependence' when it comes to decisions about future rate cuts,” Fratantonie said. “This data supports a cut at the December meeting. MBA forecasts that the Fed will continue to cut short-term rates in 2025, although it will likely slow the pace of reductions.”

The job market has started to stabilize, but it is still stagnant, as the unemployment rate shows. Experts suspect this will lead to rate cuts intended to help restart certain sectors of the economy. The results of the inflation report, expected in mid-December, will also contribute to the Fed's final decision.

After December's interest rate decision, 2025 looks bleak in terms of further interest rate cuts. Many experts expect rate cuts to slow down.

“The balance of risks shifts towards smaller rate cuts next year,” said Oren KlachkinNational Financial Markets Economist. “They will be sailing in the dark a little bit, so we think they will move slowly.”

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Consumer confidence increases for the fifth consecutive month

Consumer confidence is mixed, but improved for the fifth consecutive month, preliminary figures for December found. Confidence in the economy rose about 3%, the highest figure in seven months.

This month's rise in sentiment was mainly due to the perception that purchasing certain durable goods would help buyers avoid future price increases. Due to the current economic situation, confidence may not remain high if prices continue to rise.

Americans' political leanings have an effect on their economic sentiment. The December report found that Democrats are seeing consumer confidence decline, while Republicans' confidence is increasing, and independents fall somewhere in between.

Democrats as a whole are concerned about the potential economic impacts of future rate hikes. Many believe that an increase in tariffs would lead to a resurgence of inflation. Republicans think the opposite and believe that President-elect Trump will usher in a substantial slowdown in inflation.

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