U.S. 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.
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.
The economy is expanding at a healthy pace but rising trade tensions between the U.S. and China, ongoing interest rate increases by the Federal Reserve, and slowing global growth have roiled financial markets. Analysts expect growth to slow but remain solid in 2019 as the impact of last year’s tax cuts fade.
Source: The Associated Press