Job growth falls short of expectations in November: 155,000 payrolls created vs 198,000 estimate
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Source: CNBC
Job growth slowed in November amid fears that economic growth is losing steam.
Nonfarm payrolls increased by 155,000 for the month while the unemployment rate again held at 3.7 percent, its lowest since 1969, the Labor Department reported Friday. Economists surveyed by Dow Jones had been expecting payroll growth of 198,000 and the jobless rate to hold steady.
Average hourly earnings, a closely watched sign of whether inflation pressures are building, again rose at a 3.1 percent pace from a year ago. The monthly earnings gain of 0.2 percent fell short of estimates for a 0.3 percent increase. The average work week edged lower by 0.1 hours to 34.4 hours.
Stock futures turned positive following the weak report as traders bet it may mean the Federal Reserve is less aggressive next year on rate hikes.
Read more: https://www.cnbc.com/2018/12/07/us-created-155000-jobs-in-november-vs-198000-expected.html
The Jobs Report was released today.
Although the stock market was up before opening, during the day it plunged. The S&P is bordering on correction territory. The Dow, S&P, and Nasdaq are each over 2% down, after a bad day yesterday.
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