Employment in the U.S. increased by more than anticipated in the month of November, according to a report released by the Labor Department on Friday, although the report also showed weaker than expected wage growth during the month.
The report said non-farm payroll employment jumped by 228,000 jobs in November after surging up by a revised 244,000 in October.
Economists had expected employment to climb by 200,000 jobs compared to the addition of 261,000 jobs originally reported for the previous month.
Employment in the goods-producing sector saw a notable increase of 62,000 jobs, as job growth in manufacturing accelerated to 31,000.
The Labor Department said employment also continued to trend up in professional and business services and healthcare. Retail employment rebounded after edging lower in the previous month.
The report also said the unemployment rate came in at 4.1 percent in November, unchanged from October and in line with economist estimates.
The household survey measure of employment showed an increase of 57,000 people, while the labor force expanded by 148,000 people
Meanwhile, average hourly employee earnings were up by 2.5 percent year-over-year in November, reflecting an acceleration from 2.4 percent in October but below estimates for 2.7 percent growth.
"Interest rates were volatile but little changed in the immediate aftermath of the release, as the unexpected strength of payrolls was offset, to a degree anyway, by weaker-than-expected average hourly earnings," said FTN Financial Chief Economist Chris Low.
He added, "From the Fed's perspective, there is nothing here likely to prevent a rate hike next week, but because a hike was nearly fully priced in anyway, it should not change expectations."
by RTT Staff Writer
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