Unemployment remains at 3.7 percent.
The Bureau of Labor Statistics released figures on Friday that show the economy gaining 263,000 jobs in November, which is higher than economists had expected. Wages in some sectors also increased, but not at the pace of pre-pandemic levels.
While leisure, hospitality, and healthcare employment have improved, the number of adults working or looking for work was lower, dropping to 62.1 percent. This shows that labor participation and employment overall still have not recovered from the pandemic.
Federal Reserve Chairman Jerome Powell stated, “The effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down.”
As the Lord Leads, Pray with Us…
- For Labor Secretary Marty Walsh to seek God’s leading as he heads his department.
- For Commissioner William Beach as he oversees the Bureau of Labor Statistics.
- For wisdom for Chairman Powell and the members of the Federal Reserve as they continue to address inflation through interest rate increases.
Sources: Washington Examiner, Wall Street Journal, NY Times
