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Moody's Talks - Inside Economics

November Jobs: Back on Track

Dec 6, 2024
Dante DeAntonio, Senior Director of Economic Research at Moody's Analytics, joins the hosts to dive into the latest U.S. employment report for November. They discuss the job market's recovery after recent disruptions and its implications for monetary policy. The conversation highlights concerns around wage growth and inflation while maintaining an optimistic outlook for productivity. Insights into the reliability of job market statistics and the impact of rising unemployment rates in certain communities add depth, concluding with speculations on future economic trends.
40:45

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Quick takeaways

  • The November jobs report shows a solid recovery with 227,000 jobs added, indicating resilience after previous market volatility.
  • Concerns about inflation arise from wage growth, yet optimism persists due to productivity keeping pace and steady consumer spending.

Deep dives

November Jobs Report Highlights

The November jobs report reveals a solid rebound in employment, with 227,000 jobs added and private sector growth nearing 200,000. This recovery follows chaotic conditions in October due to strikes and hurricanes. The three-month average job growth rose to 173,000, illustrating a return to expected trends, with key industries like healthcare and leisure and hospitality leading the charge. While manufacturing saw a slight increase, retail employment faced a significant dip, down 28,000 jobs, which may be attributed to seasonal adjustment complexities.

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