Employers added 227,000 jobs in November and the unemployment rate was 4.2 percent. The rebound followed an October report affected by hurricanes and labor disputes.
Context changed the comparison
A weak prior month made the November bounce look especially large. Multi-month averages reduced that distortion.
The two surveys differed
Payrolls come from employers while unemployment comes from households, so the figures can move in different directions.
The Fed saw balance
The report showed continued hiring without the extreme tightness seen earlier in the cycle.
Sources
- U.S. Bureau of Labor Statistics, The Employment Situation, November 2024.