Jobs
US Hiring and Wages Extend Strong Gains, Keeping Pressure on Fed
- Payrolls rose 263,000 in November, above all but one estimate
- Average hourly earnings jumped 0.6%, most in nearly a year
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US employers added more jobs than forecast and wages surged by the most in nearly a year, pointing to enduring inflation pressures that boost chances of higher interest rates from the Federal Reserve.
Nonfarm payrolls increased 263,000 in November after an upwardly revised 284,000 gain in October, a Labor Department report showed Friday. The unemployment rate held at 3.7% as participation eased. Average hourly earnings rose twice as much as forecast after an upward revision to the prior month.