The US economy added 227,000 jobs in November, with the unemployment rate rising to 4.2% as the job market recovers

The US economy added 227,000 jobs in November, with the unemployment rate rising to 4.2% as the job market recovers

The U.S. economy added more jobs than forecast in November, while the unemployment rate rose as the labor market recovered from October data that was negatively impacted by severe weather and labor strikes.

Bureau of Labor Statistics data released Friday showed 227,000 new jobs were added in November, slightly more than the 220,000 economists expected.

Meanwhile, the unemployment rate rose to 4.2% from 4.1% in October.

Hurricanes and a strike by Boeing (BA) workers weighed heavily on the October report, which was revised to show that 36,000 jobs were added last month. Employment growth for September was also revised upward on Friday. The revisions now suggest the U.S. economy added 56,000 new jobs in those two months than originally reported.

Wage growth, a key measure of inflation pressures, rose 0.4% in November, in line with October’s rise and above the 0.3% rise expected by economists.

Compared to a year ago, wages rose 4% in November, more than the forecast of 3.9%.

Meanwhile, the labor force participation rate fell to 62.5% in November, compared to 62.6% in October.

In its press release, the BLS noted that employment in the transportation equipment industry increased by 32,000, “reflecting the return of striking workers.” Employment in temporary staffing rose slightly in November, but also marked a turnaround after the loss of over 33,000 jobs in the sector the previous month.

This is breaking news. There’s more to come…

A U.S. flag is seen on a construction worker's hard hat during a topping out ceremony for the Midfield Satellite Concourse (MSC) terminal expansion project under construction at Los Angeles International Airport (LAX) in Los Angeles, California, January 17, 2024. LAX, one of the busiest U.S. airports, is undergoing a major upgrade as part of a $30 billion capital improvement. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)
A U.S. flag is seen on a construction worker’s hard hat at a project under construction at Los Angeles International Airport (LAX) in Los Angeles, California, on January 17, 2024. (PATRICK T. FALLON/AFP via Getty Images) · PATRICK T. FALLON via Getty Images

Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.

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