The nation’s employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve’s aggressive interest rate hikes.
The economy added 263,000 jobs, while the unemployment rate stayed at 3.7%, still near a 53-year low, the Labor Department said Friday. November’s job growth dipped only slightly from October’s 284,000 gain.
As employers have continued hiring, wage gains have followed. In November, average hourly pay jumped 5.1% compared with a year ago, a robust increase that could complicate the Fed’s efforts to curb inflation. This week,that jobs and wages were growing too fast for the central bank to quickly slow inflation. The Fed has jacked up its benchmark rate, from near zero in March to nearly 4%, to try to wrestle inflation back toward its 2% annual target.
even after adjusting for inflation. Americans stepped up their purchases of cars, restaurant meals and other services.expanded at a brisk 2.9% annual rate Though steady hiring and rising wages have fueled their spending, Americans are also turning increasingly to credit cards to keep up with higher prices. Many are also digging into savings, a trend that cannot continue indefinitely.
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