The U.S. economy added 210,000 jobs in November, far below economists’ expectations, while the unemployment rate plunged 0.4 percentage points to 4.2 percent, according to data released Friday by the Labor Department.
The U.S. gained just half of the roughly 500,000 jobs economists expected to see added to payrolls as consumer spending rallied in the face of high inflation. The jobless rate, however, fell far lower than the 4.5 percent projected by analysts — even as labor market participation rose slightly.
November’s job report showed a confounding divergence between how many jobs employers added to their payrolls based on a survey of businesses and the overall strength of the labor market as reported by Americans. While the topline jobs number fell far short of expectations, some analysts suggested it could be revised substantially next month given the broader signs of labor market strength.
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