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12/7, 2:31 PM (Source: TeleTrader.com)
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US adds only 155,000 nonfarm jobs in November

One of the most closely watched statistical reports about the United States economy showed average hourly earnings grew 3.1% last month on an annual basis, the same as in October. In an update on Friday, the Department of Labor revealed the unemployment rate remained at 3.7%, the lowest since December 1969. The addition to nonfarm payrolls came in at 155,000, surprising to the downside.

Private nonfarm payrolls particularly disappointed, rising by 161,000, after an upwardly revised 251,000 for the previous month. Furthermore, the headline number came in with a downward revision of 12,000 for the previous two months. Put together, investors may see the update as a sign of a slowdown. Underemployment measure U6 increased by 0.2 percentage points from the lowest mark since April 2001, to 7.6%.

The average workweek shrank to 34.4 from 34.5 hours and the labor force participation rate landed at a flat 62.9%. The monthly increase in wages was 0.2% in September, while the growth pace for the previous month was revised by 0.1 points down from 0.2%.

Breaking the News / IT