U.S. Employers Add 199,000 Jobs; Unemployment Falls

The nation’s employers added a solid 199,000 jobs last month, and the unemployment rate fell, fresh signs that the economy could achieve an elusive “soft landing,” in which inflation would return to the Federal Reserve’s 2% target without causing a steep recession, Christopher Rugaber reported for the Associated Press (AP).

The latest report from the Labor Department showed that the unemployment rate dropped from 3.9% to 3.7%, not far above a five-decade low of 3.4% in April.

The latest report from the Labor Department showed that the unemployment rate dropped from 3.9% to 3.7%, not far above a five-decade low of 3.4% in April.

The November job gain was a reminder that many employers continue to hire, though last month’s increase was inflated by the return of about 40,000 formerly striking auto workers and actors, who were not at work in October but returned in November.

Still, the job market is gradually decelerating along the lines that Fed officials have wanted to see.

Hiring has averaged just over 200,000 a month in the past three months, down from an average of about 320,000 in the same period last year. Federal Reserve’s preferred inflation gauge shows price pressures continuing to cool.

Wages are also growing at a slower but still-healthy pace. In November, average hourly pay rose 4% from 12 months earlier, down from a 5% pace earlier this year. Slower wage growth should help cool inflation pressures.

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