America added a robust 263,000 jobs last month, defying expectations and the Fed's efforts to cool the economy.
The unemployment rate held steady at 3.7%, according to the Labor Department, which released the latest monthly jobs snapshot on Friday morning. Economists surveyed by Refinitiv had expected the pace of hiring to slow to a gain of only 200,000 jobs in November and the unemployment rate to stay flat at 3.7%. Some of the largest monthly job gains were in the leisure and hospitality sector, as well as health care.
Officials at the central bank have expressed concern about rising wages keeping inflation elevated. In November, average hourly earnings increased 0.6% from the month before and 5.1% year over year. Economists were expecting those rates of increases to slow from October, where they increased by a revised 0.5% month-over-month and 4.9% year-over-year.
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