The United States job market has shown robust growth, surpassing expectations last month, as workers in Hollywood and the automobile industry returned from strikes.
According to the latest report from the Labor Department, employers added one hundred and ninety-nine thousand jobs in November, contributing to a decline in the jobless rate to three-point-seven percent – the lowest level since July, despite an influx of new entrants into the workforce.
“While job growth is falling compared to last year, it is holding up remarkably well in the face of a tough economic picture and slowing growth globally,” said Richard Carter, head of fixed interest research at Quilter Cheviot.
The stronger-than-anticipated job growth is a positive sign for the economy but also poses challenges for the US central bank, which aims to stabilize prices by managing economic growth.
Mr Carter said: “The full effects of the rate hikes have not yet been felt, so the picture could deteriorate from here, but for now the economic picture is looking strong in the US and that will leave the Fed heading into next year feeling just fine about the job it has done to date.”
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