November Jobs Report: Payrolls Beat Estimates, But Unemployment Ticks Higher

According to data from the U.S. Bureau of Labor Statistics (BLS), the unemployment rate stood at 4.6% in November.

The Bureau of Labor Statistics (BLS) on Tuesday released the November payrolls report and unemployment data, after it was delayed due to the U.S. government shutdown.

Nonfarm payrolls rose higher than expected by 64,000 during the month, compared to Wall Street estimates of an addition of 45,000, according to Dow Jones data cited by MarketWatch.

At the same time, the unemployment rate for the month also came in higher than expected, at 4.6%, compared to an estimate of 4.5%.

Mohamed El-Erian, Chief Economic Advisor at Allianz, highlighted in a post on X that Federal Reserve Chair Jerome Powell said that these numbers should be interpreted cautiously due to shutdown-related data distortions. However, he still said this points to a continuing labor market cooldown.

“If forced to draw a conclusion, the bottom line is a weakening labor market that warns against an extended Fed rate pause,” he said.

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