U.S. job juggernaut rolled on in November; nonfarm payrolls up 263,000

December 2, 2022 8:47 AM EST

By Geoffrey Smith -- The U.S. labor market juggernaut refused to slow down in November, as job creation held up despite increasing signs of layoffs across the economy.

Nonfarm employment grew by 263,000 through the middle of the month, well above the 200,000 consensus forecast. October's number was also revised up by 23,000 to show a gain of 284,000.

The payrolls gain was only one element of a report that signalled ongoing tightness throughout the labor market. Average hourly earnings rose by 0.6% to push annual earnings growth back up to 5.1%. Here, too, October's data were revised up from an initial estimate of 0.4% to 0.5%.

Moreover, the buoyant jobs market again failed to lure sidelined workers back into the labor force. The participation rate fell to 62.1% from 62.2%.

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