November Job Surge: 199K New Hires Beat Expectations, Unemployment Drops to 3.7%

Employment data for the month of November was released this week. More jobs than expected were reported for the month of November, as the economy added 199,000 hires beating estimates of 180,000 expected by economists. The unemployment rate declined to 3.7%, down from 3.9% in October. At the same time, average hourly wages increased hourly wages increased by 0.4% on a monthly basis from the 0.2% reported in October and remained stable at 4% in the year-over-year comparison.

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