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U.S. adds 263,000 jobs in November as labor market remains tight

Yahoo Finance Live anchors Julie Hyman and Brad Smith break down November jobs report data.

Video Transcript

[AUDIO LOGO]

JULIE HYMAN: As we-- the clock strikes 8:30, 263,000. 263,000. So big beat here on that front. Not seeing the unemployment rate just yet. Here it is, 3.7%. So that number is bang in line with estimates.

Average hourly earnings rising more than estimated on a month-over-month basis by 6/10 of 1%. So that's a pretty big gain there that we are seeing here. The participation rate ticking down to 62.1%. That's an interesting part of this as well. That's ticking down a tenth of a percentage point from the prior month.

We also have some net revisions over the prior two months. Net revisions, taking down the numbers by 23,000 collectively for the prior two months. But again, to reiterate, the overall number, 263,000 jobs added to the US economy last month. That is well ahead of estimates.

We are also seeing the unemployment rate match up. But wage growth is still pretty hot. Not as high as inflation overall but, you know, getting there 5.1% was that year-over-year gain in wages.

BRAD SMITH: Yeah, that pass through or at least a common denominator that we've seen within both of the private payrolls report and now the BLS report that's come through. Those notable job gains that we're talking about here, too, occurring in leisure and hospitality, health care, and in the government sectors as well.

Employment-- and Greg, I know you were keeping a close eye on this-- it actually declined in retail trade, and then in transportation and warehousing. So those two of the key sectors that did see some declines. Just because you were keeping a close eye on retail as well, Greg, just want to get your reaction here on the outset to this report, too.

GREG DACO: I think, in general, this is a pretty good report. It shows that the labor market remains relatively robust. More robust than I would have thought. But this is a payroll survey that takes place in the first part of the month. So I think we have to be careful that this may not necessarily be a signal for what's happening at the end of the month, and going into December and 2023.

We were expecting some weakness in the retail segment because there was weaker hiring for holiday spending. But overall, this is still a report that shows that we're still seeing a steady number of jobs being created. I think that if we look at anecdotal evidence, in terms of hiring and in terms of strategic developments on the labor market front, we are going to see a more significant slowdown as we go into December and next year.