In November, the U.S. job market bounced back strongly, adding 227,000 new jobs, especially in healthcare, restaurants, and bars.
This was a recovery from October when job growth had slowed due to hurricanes and strikes. According to the U.S. Labor Department, the increase in hiring suggests that the previous dip was only temporary.
The U.S. central bank, the Federal Reserve, started lowering interest rates in September to help the economy and protect jobs.
However, after the disruption caused by the storms and strikes, some analysts thought the Fed might cut rates further, especially since the unemployment rate had slightly risen to 4.2%, the highest since August.
Despite this, Federal Reserve Chairman Jerome Powell has stated that the economy is still growing well, with good employment and wages, so there’s no rush to cut rates.
Some economists believe that even though inflation could rise due to a 4% increase in wages over the past year, the overall job market remains strong, and the economy is doing fine.
There is still uncertainty, however, about how upcoming political decisions, like tax cuts and tariffs from President-elect Donald Trump, might affect the economy.
Overall, despite some challenges, the U.S. job market’s strength shows that the economy is in a good place right now. The Federal Reserve will likely continue to adjust rates carefully to keep things stable .
Credit : BBC
https://www.bbc.com/news/articles/c5y4p12v4m8o