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.
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November Jobs Report Overview
- November jobs report shows a return to normalcy after October's disruptions.
- Growth is broad-based, with healthcare and leisure/hospitality leading, but manufacturing remains weak.
Wage Growth and Public Sector Jobs
- Average hourly earnings saw strong growth in November, matching October's increase.
- Public sector job growth remains steady, driven by state and local governments, not federal.
Labor Market Strength
- The November jobs report confirms the labor market's underlying strength.
- October's disruptions from strikes and hurricanes were temporary and didn't impact long-term trends.