Harris Financial Group Managing Director Jamie Cox analyzes the post-Thanksgiving markets, the retail and employment sectors and the Bitcoin rally.
U.S. job growth rebounded in November with sharp gains in payrolls after the lackluster October jobs report reflected work disruptions from hurricanes and union strikes .
The Labor Department reported Friday that employers 227,000 jobs added in November, exceeding the forecasts of LSEG economists.
The unemployment rate rose to 4.2%, from 4.1% a month ago, also in line with expectations.
The number of jobs created over the previous two months was revised upward, with September job creation revised upward by 32,000 from a gain of 223,000 to 255,000, while in October it was revised upward by 24,000, from a gain of 12,000 to 36,000.
The private sector payroll created 194,000 jobs in November, a little less than the 200,000 estimated by LSEG economists.
THE manufacturing sector saw employment increase by 22,000 jobs in November, including an increase of 32,000 in transportation equipment manufacturing following the return of striking workers.
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That follows a decline of 46,000 manufacturing jobs in October, which the Bureau of Labor Statistics attributes largely to strikes in the transportation equipment manufacturing sector, as about 33,000 unionized machinists at Boeing were on strike from early September to early November.
Health care added 53,600 jobs in November, matching the sector's average monthly gain of 59,000 over the previous 12 months. Within the sector, outpatient healthcare services 22,400 jobs were created, including 16,000 in home health care services, while employment also increased in hospitals (+19,300) and nursing and residential care facilities (+11,900 ).

Health care added 53,600 jobs in November, matching the sector's average monthly gain of 59,000 over the previous 12 months. (Jeff Greenberg/Education Images/Universal Images Group via Getty Images / Getty Images)
Leisure and hospitality employment increased by 53,000 jobs in November after changing little from the previous month. This figure is higher than the sector's average of 21,000 jobs added per month over the past 12 months, with most of the creation occurring in food services and drinking places (+28,900).
Government employment increased by 33,000 jobs in November, with growth concentrated in state government (+20,000). The government sector's gains were mostly in line with the 12-month average of 41,000.
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The social assistance sector added 18,700 jobs in November, including 17,200 in individual and family services.
Employment changes little in construction (+10,000 jobs), financial activities (+17,000) and transportation and storage (+3,400).
The retail sector lost 28,000 jobs in November after showing little net change in its employment levels over the past 12 months. Much of the decline occurred in general merchandise retailers (-15,000), while electronics and appliance retailers added 3,600 jobs to offset some of the sector's losses.

The retail sector lost 28,000 jobs in November after showing little net change in its employment levels over the past 12 months. (Frédéric J. Brown/AFP via Getty Images / Getty Images)
The participation rate was 62.5% in November, after changing little over the past year, remaining within a narrow range of 62.5% to 62.7% compared to December 2023.
The average hourly wage for all nonfarm private sector employees rose 13 cents, or 0.4 percent, to $35.61. Over the past 12 months, the average hourly wage has increased by 4%.
The number of people considered long-term unemployed, that is, unemployed for 27 weeks or more, changed little at 1.7 million in November compared to the previous month. This figure is up 1.2 million from last year. The long-term unemployed represented 23.2% of all unemployed in November.
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The November jobs report comes as the Federal Reserve is scheduled to meet in mid-December to discuss a possible interest rate cut. Market expectations that the Fed would cut rates by 25 basis points increased after the jobs report was released, with the probability rising from 71% a day ago to 87% as of Friday morning, according to the tool CME FedWatch.
“THE the economy continues to produce “a good amount of jobs and income, but a further increase in the unemployment rate takes some of the shine out of the job market and gives the Fed what it needs to cut rates in December,” Ellen said Zentner, chief economic strategist at Morgan Stanley Wealth Management.
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