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US jobs market continues to surprise with non-farm payrolls exceeding expectations

November non-farm employment change shows 199,000 additional jobs over the month, ahead of the expected figure of 184,000

8 December 2023

The US jobs market continues to surprise, with the latest November non-farm employment change showing 199,000 additional jobs over the month, better than the expected figure of 184,000. Along with this data release, the unemployment rate showed that it dropped further to 3.7% while average hourly earnings rose 0.4% over the month. This is all a tad concerning for the Federal Reserve given the influences a tight labour market with wage gains has on the broader inflation picture. And with such a gangbusters economy, some will start to question the pace of rate cuts expected next year.

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Charles Hepworth

Investment Director
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