Tag Archives: november

Business

Home sales tumbled in November

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Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors.

The seasonally adjusted annualized pace was 4.09 million units. That is weaker than the 4.17 million units housing analysts had predicted, and it was a much deeper fall than usual monthly declines.

Sales were down 35.4% year over year, marking the tenth straight month of declines. That was the weakest pace since November 2010, with the exception of May 2020, when sales fell sharply, albeit briefly, during the early days of the Covid pandemic. In November 2010, the nation was mired in the great recession as well as a foreclosure crisis.

These counts are based on closings, so the contracts were likely signed in September and October, when mortgage rates last peaked before coming down slightly last month. Rates are now about one percentage point lower than they were at the end of October, but still a little more than twice what they were at the start of this year.

“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the Covid-19 economic lockdowns in 2020,” said Lawrence Yun, NAR’s chief economist. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.”

Read more: Mortgage refinance demand surged 6% last week

At the end of November there were 1.14 million homes for sale, which is an increase of 2.7% from November of last year, but at the current sales pace it represents a still-low 3.3 month supply.

Low supply kept prices higher than a year ago, up 3.5% to a median sale price of $370,700, but those annual gains are shrinking fast, well off the double digit gains seen earlier this year. It is still the highest November price the Realtors have ever recorded, and, at 129 straight months, it is the longest running streak of year-over-year price gains since the realtors began tracking this in 1968. Roughly 23% of homes sold above list price, due to tight supply.

“We have seen home prices come down from their summer peaks over the past five months. At the same time, we have also seen rent growth retreat for 10 consecutive months,” wrote George Ratiu, senior economist at Realtor.com in a release. “However, the cost of real estate remains challenging for many households looking for a place to call home, especially as high inflation and still-elevated interest rates have been eroding purchasing power.”

Sales decreased in all regions but fell hardest in the West, where prices are the highest, down nearly 46% from a year ago.

Homes sat on the market longer in November, an average 24 days, up from 21 days in October and 18 days in November 2021. Despite the slower market, 61% of homes went under contract in less than a month.

With prices still high and mortgage rates hitting a cyclical peak, first-time buyers remained on the sidelines. They were responsible for 28% of sales in November, which was unchanged from October, and up slightly from 26% in November 2021. Historically first-time buyers make up about 40% of the market. A separate survey from the Realtors put the annual share at 26%, the lowest since they began tracking.

Sales fell across all price categories, but took the steepest dive in the luxury million-dollar-plus category, dropping 41% year-over-year. That sector had seen the biggest gain in the first years of the pandemic.

Mortgage rates have come off their recent highs, but it remains to be seen if it will be enough to offset higher prices.

“The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added. “The average monthly mortgage payment is now almost $200 less than it was several weeks ago when interest rates reached their peak for this year.”

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Business

US consumer price inflation eased more than expected in November

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US consumer price inflation eased more than expected in November to its lowest level in almost a year, bolstering the Federal Reserve’s plans to slow the pace of interest rate rises this week.

The rate of increase in the consumer price index fell to 7.1 per cent last month, lower than the 7.3 per cent forecast by economists and down from 7.7 per cent in October. It is the lowest level since December 2021.

Overall CPI rose 0.1 per cent from the previous month, less than the 0.4 per cent increase in October.

US stocks initially soared after the release, as investors bet that the central bank might not have to squeeze the economy as aggressively as feared to bring inflation under control. Those gains ebbed throughout the trading day, with the S&P 500 up 0.6 per cent.

Government bonds also rallied, sending the yield on two-year US Treasury bonds, which is sensitive to changes in interest rate expectations, down by 0.22 percentage points to 4.18 per cent at one point. It later traded around 2.24 per cent.

The inflation report, released by the Bureau of Labor Statistics on Tuesday, came at the start of the Federal Open Market Committee’s final two-day policy meeting of the year.

On Wednesday, the central bank is set to raise its benchmark policy rate by half a percentage point, breaking successive 0.75 point interest rate increases.

If that increase is implemented, the federal funds rate will move up to a new target range of 4.25-4.5 per cent, which most officials believe is still not high enough to bring inflation back down to the Fed’s longstanding 2 per cent target.

“One [inflation] number won’t be enough for the Fed, but it certainly is going to put the Fed in a better mood than they have been over the past number of weeks,” said Padhraic Garvey, regional head of research for the Americas at ING. But he warned that inflation could “quite easily” surprise next month.

“The sensible thing from [the Fed’s] perspective is to deliver the [half-percentage point move], do it in a hawkish manner and don’t have a victory lap just yet.

“If they go all dovish tomorrow, the market will read that and will loosen up financial conditions further and it just takes away the value of the hike in the first place.”

Energy and goods prices have begun to slow this year, having previously helped to push up the annual increase in the CPI index to 9.1 per cent in June. But services-related costs have risen at an alarming pace, bolstered in part by an acceleration in wage growth as a result of the surprisingly resilient labour market.

In November, housing-related costs were the biggest driver of the monthly increase in consumer prices, rising 0.6 per cent compared to October and 7.1 per cent on an annual basis. Home prices have fallen materially this year as mortgage expenses have jumped, but those declines take time to show up in the data, suggesting further downward pressure on inflation next year.

Transportation costs and those related to medical services posted monthly declines, despite having increased 14 per cent and nearly 5 per cent respectively compared to November last year. Food prices remain elevated, however, registering a 0.5 per cent monthly increase.

Fed officials have acknowledged that getting inflation under control will require a sustained period of low growth and higher unemployment, but have stopped short of forecasting an outright recession. Most economists say an economic contraction will be necessary and anticipate a mild one next year.

President Joe Biden cheered the slower increase in the CPI in a statement from the White House on Tuesday.

“In a world where inflation is rising at double digits in many major economies around the world, inflation is coming down in America,” he said. “Make no mistake: prices are still too high. We have a lot more work to do, but things are getting better.”

Biden said he hoped prices would be “much closer” to “normal” by the end of next year. “We could see setbacks along the way . . . We shouldn’t take anything for granted. But what is clear is my economic plan is working and we’re just getting started. My goal is simple: get price increases under control without choking off economic growth.”

Additional reporting by Harriet Clarfelt in New York and James Politi in Washington

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Business

Stock futures are flat as investors await key November inflation report

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Stock futures were flat early Wednesday as Wall Street braced for November’s key inflation report and the beginning of the Federal Reserve December policy meeting.

Futures tied to the Dow Jones Industrial Average inched 0.01% lower, while futures connected to the S&P 500 and Nasdaq 100 traded flat, declining 0.08% and 0.14% respectively.

Oracle shares gained nearly 2% after hours on strong quarterly results.

Investors are looking ahead to the release of November’s consumer price index report, and hoping for signs of easing inflation. Economists surveyed by Dow Jones expect a 0.3% increase on a monthly basis or an annual pace of 7.3%. That would be a step down from October’s 0.4% monthly increase and annual gain of 7.7%.

Tuesday’s inflation report could play a key role in the Federal Reserve’s next rate-hiking decision expected at the conclusion of its two-day policy meeting on Wednesday.

Traders are largely pricing in a 50 basis point increase, a slight decline from the previous four hikes. They will also monitor updated economic projections and commentary out of Chair Jerome Powell’s press conference for signs of a potential policy pivot as fears of a recession linger on Wall Street.

Monday’s overnight moves follow a solid session for all the major averages after a tough down week. The Dow gained more than 528 points, or 1.58%, while the S&P and Nasdaq rose 1.43% and 1.26%, respectively.

All major S&P 500 sectors finished with gains, led to the upside by energy stocks, which rose as oil prices gained.

“I think this is a reflection of what’s anticipated out of the CPI number tomorrow, and a hope that the Fed will confirm a 50 basis point raise on Wednesday,” said Kevin Philip, partner at Bel Air Investment Advisors. “I think the market, as it’s done before, is banking, in my opinion, a little too heavily on some sort of Fed pivot and this bounce we got today is fragile at best.”

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US

Rep. Bacon ‘guarantees’ McCarthy has more support for speaker now than in November, urges GOP to be a ‘team’

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Rep. Don Bacon, R-Neb., claimed on “Sunday Night in America” that House Minority Leader Kevin McCarthy has more support among Republican lawmakers now than he did during the Republicans’ designation for House speaker in November.

During the House GOP caucus nomination for speaker last month, Leader McCarthy beat back a challenge by Rep. Andy Biggs, R-Ariz., in a final tally of 188-31.

Among those supporting McCarthy’s bid for speaker were Rep. Marjorie Taylor Greene, Ga., and Rep. Brian FitzPatrick, Penn.

MCCARTHY PLAYS HARDBALL WITH GOP REBELS OVER COMMITTEE ASSIGNMENTS

House Minority Leader Kevin McCarthy (R-CA) speaks at a press conference at the Capitol building on August 27, 2021 in Washington, DC.
(Anna Moneymaker/Getty Images)

“Eighty-five percent of the Republicans voted for Kevin McCarthy to be the next speaker, 15% voted for Andy Biggs, and by doing what they’re doing, the five or six people holding out, it just takes five to derail this because we need 218 votes, you know, roughly to get Kevin McCarthy in the speakership. They don’t even have a viable alternative that they’re putting out on the floor. So it’s just to say no without an alternative after 85% of the Republicans have selected Kevin. And right now, I guarantee you, Trey, it’s about 95% are with them,” Bacon said.

Since the November vote, Biggs; Reps. Ralph Norman, R-S.C.; Bob Good, R-Va.; Matt Rosendale, R-Mont.; and Matt Gaetz, R-Fla. have pledged to vote against McCarthy on the house floor come January 3rd if specific demands are not met. 

MCCARTHY WARNS KEY GOP AGENDA COULD BE STALLED IF LEADERSHIP VOTE DOESN’T MOVE FORWARD

Last month Norman told Fox News Digital, “If it’s just [changes to House] rules, no… It’s going to have to be more substantive than just rules. Rules can be waived… He’s going to have to give an ironclad… agreement that we will have a budget that will balance. If not in seven years, give me a timeframe.”

Norman continued that McCarthy should inform committee chairs, “This is what we’ve got to have, cuts we’ve got to have. And if you don’t do that, all of a sudden your chairmanship may be in jeopardy.”

McCarthy’s opposition could be problematic because the GOP is expected to hold a narrow 222-213 majority next year, and at least 218 votes are needed to be elected speaker.

Bacon called on Republican lawmakers “holding out” to come together as a “team” or risk helping President Biden, Senate Majority Leader Chuck Schumer and incoming House Democratic Leader Rep. Hakeem Jeffries, D-N.Y.

KEVIN MCCARTHY’S GOP DETRACTORS RECEIVED FINANCIAL HELP FROM HIM BEFORE OPPOSING SPEAKER BID

“I’ve been a commander five times in the Air Force, I deployed four times, teams win, and when a small number of people go against the team and breaks down the team, that’s how you get beat. And by doing what they’re doing, they’re helping out Chuck Schumer. They’re helping out Joe Biden, and they’re helping out Hakeem Jeffries with these actions.”

Earlier this week, Biggs announced he would challenge GOP Leader Kevin McCarthy for speaker again, this time on the House floor in January. 

Bacon argued Biggs would have “less support” for speaker in January. 

Rep. Andy Biggs, R-Ariz., plans to challenge House Minority Leader Kevin McCarthy on the House floor in January.

CLICK HERE TO GET THE FOX NEWS APP 

“They put Andy Biggs back on the table again for the vote on the floor. But we already know that he had 15% of vote, and it’s going to be less now. Those numbers are, some numbers have coalesced around Kevin McCarthy. So, now they have put some demands out there that they want to negotiate. It’s unfortunate to have to do demands within your own party with each other. We’ve already voted on a lot of the issues that they’re wanting to change within the conference, they should support the majority and in this case, the far majority of what they’ve already said they wanted to do,” Bacon said.

Christopher Lopez is a digital production assistant for Fox News Digital. He joined Fox News in 2021.

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Business

Twitter relaunches ‘Twitter Blue’ after bungled November rollout

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Twitter is relaunching its fraught “Twitter Blue” program a month after the bungled rollout of the subscription service under new owner Elon Musk.

“We’re relaunching @TwitterBlue on Monday — subscribe on web for $8/month or on iOS for $11/month to get access to subscriber-only features, including the blue checkmark,” Twitter’s official account tweeted late Saturday afternoon.

In a thread, the company rattled off additional benefits users would receive, including the ability to edit tweets, reader mode, and a blue check mark following a review.

Twitter also clarified that the second “official” label would soon be replaced by a gold checkmark for business and a grey checkmark for government and “multilateral” accounts.

“Thanks for your patience as we’ve worked to make Blue better – we’re excited and looking forward to sharing more with you soon!” the company said. 

Twitter Blue, which Musk marketed in November as a way of democratizing the once-coveted blue check, quickly ran into some embarrassing hiccups with its previous debut. 

Twitter revealed subscribers would be able to edit tweets and have a blue check mark following a review.

Critics lampooned the idea of paying for the blue check mark, which was previously used mainly to authenticate celebrities, government officials and other public figures. Pranksters, meanwhile, purchased the $8 monthly subscription and created a slew of accounts parodying corporations and celebrities, which were mistaken by many as the real accounts due to the blue checkmarks.

In one case, a user purchased a Twitter Blue subscription for an impostor account of the pharmaceutical company Eli Lilly, then announced that it would make insulin free for all customers. Lilly’s stock tanked soon after. In another, an imposter account designed to look like LeBron James’ longstanding Twitter handle claimed the star demanded to be traded away from the Los Angeles Lakers.

Twitter responded by suspending the program just days after the launch.

Elon Musk marketed Twitter Blue as a way of democratizing the blue checkmark.
dpa/picture alliance via Getty Images

The social media company said Saturday that Twitter Blue subscribers who change their image, name or photo will temporarily lose their verification until their account is reviewed again, in what appears to be an attempt to crack down on the confusion over the parody accounts.

Twitter also revealed on Saturday the new rules surrounding how the social media giant would handle hateful language. 



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Business

Key inflation measure shows price pressures cooled off in November, but remain high

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New York
CNN
 — 

Another key inflation measure shows price pressures cooled off but remained stubbornly high in November, despite the Federal Reserve’s monthslong efforts to fight inflation through higher interest rates.

The Producer Price Index, which measures prices paid for goods and services by businesses before they reach consumers, rose 7.4% in November compared to a year earlier, the Bureau of Labor Statistics reported Friday. That’s down from the revised 8.1% gain reported for October.

US stocks fell immediately after the report, as economists surveyed by Refinitiv had expected wholesales prices to have risen just 7.2%, annually. The higher-than-expected inflation readings raised concerns about whether the Fed will be able to slow the pace of rate hikes.

But futures for the Fed funds rate still show a strong likelihood of a half-point increase at the central bank’s policymaking meeting next week, rather than the three-quarter point hike instituted at the last four meetings.

The PPI report generally gets less attention that the corresponding Consumer Price Index, which measures prices paid by US consumers for goods and services. But this is a rare month in which the PPI report came out before the CPI report, which is due out Tuesday.

That and the Fed meeting scheduled for Tuesday and Wednesday next week is making this inflation report of particular importance to investors.

“Next Tuesday’s CPI release will be more important than today’s data, but with traders on edge, any indication that prices remain elevated and that inflation is more sticky than currently believed is a negative for markets,” said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.

Overall prices rose a seasonally adjusted 0.3% compared to October — the same monthly increase as was reported in both September and October — but were slightly higher than the 0.2% rise forecast by economists.

Stripping out volatile food and energy prices, core PPI rose 6.2% for the year ending in November, down from the revised 6.8% increase the previous month. Economists had forecast only a 5.9% increase.

Core PPI posted a 0.4% increase from October, a far bigger rise than the revised 0.1% month-over-month rise in that previous month, and twice as big as the 0.2% rise forecast by economists.

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Business

Stock futures are flat as traders look ahead to November wholesale inflation report

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Traders work on the floor of the New York Stock Exchange (NYSE), December 7, 2022.

Brendan McDermid | Reuters

Stock futures were flat Thursday evening as investors look ahead to new inflation data due Friday.

Futures tied to the Dow Jones Industrial Average fell 21 points, or 0.06%. S&P 500 futures and Nasdaq 100 futures were down 0.05% and 0.06%, respectively. Shares of Lululemon fell more than 7% after the company gave a weaker-than-expected fourth-quarter outlook, even though it beat Wall Street expectations with its third-quarter results.

Earlier in the day, the S&P 500 rallied to break a five-day run of losses — its longest streak since October. The broad-market index gained 0.75%, and the Dow gained 183.56 points, or 0.55%. The Nasdaq had the strongest performance of the day, rallying 1.13%.

Even with Thursday’s gains, all three major averages are on track to post losses for the week. The S&P 500 is off by 2.6% for the week, while the Nasdaq is down more than 3%. The Dow shed 1.8%.

Next, investors are awaiting the Friday release of the November producer price index report, which will give further information about how the Federal Reserve’s interest rate hikes are working to tame high inflation.

“[The stock market] really has been so dependent on inflation this year and it’s likely to continue to depend on inflation,” said Courtney Garcia, senior wealth advisor at Payne Capital Management, on CNBC’s “Fast Money” on Thursday.

Next week, more inflation data and a Federal Reserve meeting are top of mind for traders. The November consumer price index report due Dec. 13 will further show if inflation is subsiding.

The central bank is widely expected to deliver a smaller interest rate hike of 0.5 percentage point on Dec. 14, the last day of its December meeting.

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Technology

Nintendo eShop Selects – November 2022

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Image: Nintendo Life

It’s technically the last eShop Selects of the year. Yep, the next time we do this, it’ll be 2023, even if we’ll be looking back at December’s games.

But let’s not get too far ahead of ourselves yet! We’ve got November to look back on — a month dominated by Pokémon, but an early Indie World presentation meant we got a few surprise releases on the eShop. Have any of them made a dent? Let’s find out in Nintendo Life’s picks for the best games on the Switch eShop games of last month!

Honourable Mentions

Three little gems — two of the cosy variety, and one which seems apt given we’re in the middle of World Cup season. Check out these potential stunners that you may have missed…

Publisher: X.D. Network / Developer: Freebird Games

Release Date: 18th Nov 2022 (USA) / 18th Nov 2022 (UK/EU)

Kao Gan is a developer we know will make us cry. He’s done it with To The Moon, he’s also done it with A Bird Story, and he’s done it again with Finding Paradise. This sequel has finally come out on the Switch, and even if there are a few niggles with this port, it doesn’t overshadow the beautiful storytelling and fantastic characters.

Originally released in 2017, there are still few games that match the emotion, thoughtfulness, and simplicity of this ‘series’. We gave Finding Paradise a well-deserved 8/10 — now all we need to do is wait for Imposter Factory to come to the Switch…

Publisher: Deck 13 / Developer: A Grumpy Fox

Release Date: 10th Nov 2022 (USA) / 10th Nov 2022 (UK/EU)

An outstanding homage to 3D platformers of the N64 and PSOne era, Lunistice was a huge surprise this month. The adventures of Hana the tanuki are addicting in the same way our favourite collectathons are, with bright colours and low-poly visuals hitting us straight in our nostalgic hearts. But it takes influence from platformers and games all throughout the ages, from Super Mario Odyssey to Super Mario 64.

The best part? This won’t even cost you $5.00. We gave the game a 9/10 in our review — how often can you grab a 9/10 for less than a fiver?

Publisher: Cellar Door Games / Developer: Cellar Door Games

Release Date: 9th Nov 2022 (USA) / 9th Nov 2022 (UK/EU)

We’ve been waiting months for Rogue Legacy 2 to make its way onto Switch — and the wait was absolutely worth it. Given how outstanding the original Rogue Legacy was, we shouldn’t be surprised that this came out on top as our favourite eShop game, but what was surprising was that it was shadowdropped on the day of the Indie World presentation.

But we can’t complain — this sequel does exactly what a great sequel should do. Building on the already addictive foundations of the original, Rogue Legacy 2 throws more of everything at you. The legacy system is back and better than ever. The writing is still side-splittingly funny. And there are new jobs and gameplay styles that will have you coming back for more over and over again.

The first game was one of the breakout indie roguelikes, and this sequel is back to prove it’s still one of the very best. With a 9/10 review from us, we wholeheartedly agree.

< Nintendo Life eShop Selects - October 2022

How we decide our eShop Selects top three: As we reach the end of every month, the Nintendo Life staff vote on their favourite titles from a list of games selected by the editorial team. To qualify for this list, these games must have been released as a digital-only Nintendo Switch eShop title in that particular month, and must have been reviewed on Nintendo Life; we select the qualifying games based on their review scores.

Staff are then asked to vote for three games that they think deserve to sit right at the very top of that list; first choice gets 3 points, second choice gets 2 points, and third choice gets 1 point. These votes are then tallied to create a top-three list, with the overall winner taking that month’s top prize.



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Business

Ford Unveils Big Electric Vehicle Surprise in November

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Jim Farley has made no secret of his desire to win.

The Ford  (F) – Get Free Report CEO has made it clear that he wants his company to be the top gun in the electric vehicle sector.

In April, he threw down the gauntlet to Tesla  (TSLA) – Get Free Report, the world’s largest EV company, and “all comers to become the top EV maker in the world.” 

“That’s something that no one would have believed just two years ago from us,” Farley said;

The company announced on Nov. 30 that it had built the 150,000th Mustang Mach-E since production began almost two years ago despite supply chain challenges and a spike in raw material prices.

The accomplishment even impressed Tesla  (TSLA) – Get Free Report CEO Elon Musk who tweeted to his congratulations to Farley and company.

“Thanks, @elonmusk,” Farley responded. “Lots of work ahead.” 

And Ford said on Dec. 1 that it planned to invest another $153 million in its U.K. manufacturing plant to boost EV production.

Ford sold a total of 6,255 vehicles in November, soaring nearly 103% compared with a year ago, and “making Ford America’s second best-selling brand and manufacturer of electric vehicles behind Tesla.”

F-150 Lightning sales totaled 2,062 and since its first sale at the end of May, F-150 Lightning sales totaled 13,258 trucks.

“Ford’s sales of electric vehicles expanded at approximately twice the rate of the overall electric vehicle segment in November as Ford prepares to increase production next year to meet U.S. demand,” Ford said in a statement.

Ford beat out Hyundai-Kia to earn the No. 2 EV position, but it wasn’t all good news, as the company posted a 7.8% decline in total U.S. sales for the month. Retail sales fell 15.8%.

Ford

‘Tesla’s Position is Changing’

Truck sales were down 1.2% and SUV sales dropped 15% from a year ago.

And there is still a lot of work to do in the EV sector. Tesla reported global deliveries of more than 908,000 EVs through the third quarter.

But Tesla, which delivered the first its long-promised electric semi trucks on Dec. 1, can’t afford to rest on its laurels, according to the S&P Global Mobility Study.

The study said much of Tesla’s share loss is to EVs available in a more accessible Manufacturer Suggested Retail Price (MSRP) range – below $50,000, where Tesla does not yet truly compete.

“Tesla’s position is changing as new, more affordable options arrive, offering equal or better technology and production build,” the report said. “Given that consumer choice and consumer interest in EVs are growing, Tesla’s ability to retain a dominant market share will be challenged going forward.”

The study predicted that the number of battery-electric nameplates will grow from 48 at present to 159 by the end of 2025, “at a pace faster than Tesla will be able to add factories.”

Tesla currently holds a 65% share of the EV market, with Ford in second place with 7% market share, Kia next at 5% and Chevrolet and Hyundai tied for fourth with 4% each, according to S&P Global Mobility data. The remaining 15% share is split between all other EV makers.

Tesla Developing Lower-Cost EV

During a recent earnings call, Musk again confirmed that the company is working on a vehicle priced lower than the Model 3, “though market launch timing is unclear.”

“Tesla’s model range is expected to grow to include Cybertruck in 2023 and eventually a Roadster, but largely the Tesla model lineup in 2025 will be the same models it offers today,” the report said.

“Before you feel too badly for Tesla, however, remember that the brand will continue to see unit sales grow, even as share declines,” said Stephanie Brinley, associate director, AutoIntelligence for S&P Global Mobility. 

“The EV market in 2022 is a Tesla market, and it will continue to be, so long as its competitors are bound by production capacity,” Brinley said.



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Business

November jobs report breakdown: Which industries hired the most workers?

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The economy added 263,000 jobs in November. FOX Business’ Cheryl Casone with more.

U.S. job growth came in stronger than expected in November as a rush of hiring at bars and restaurants helped to offset payroll losses in retail. 

Employers added 263,000 jobs in November, the Labor Department said in its monthly payroll report released Friday, topping the 200,000 jobs forecast by Refinitiv economists. It marks a slight deceleration from the upwardly revised job gain of 284,000 recorded in October. 

The unemployment rate, meanwhile, held steady at 3.7%.

“The labor market remains tight and overheated,” said Joe Brusuelas, chief economist at RSM. “Competition for labor inside a workforce that is now shrinking supports higher wage gains, which is feeding into elevated inflation across the economy. While there is now evidence of residual weakness inside some areas of the economy and noticeable job losses in trade, transport, and retail, it’s being more than offset elsewhere.”

US ECONOMY ADDS 263,000 JOBS IN NOVEMBER, BETTER THAN EXPECTED AS HIRING REMAINS SOLID

Although job gains were broad-based last month, the leisure and hospitality sector – the hardest hit by the COVID-19 pandemic – led the way in hiring, adding another 88,000 workers last month. Bars and restaurants accounted for the bulk of those gains, adding 62,100 workers in November. Hotels, meanwhile, saw payrolls grow by 15,900.

Employment in the leisure and hospitality industry still remains about 980,000 – or 5.8% – below its pre-pandemic levels. 

Health care accounted for the second-largest area of growth in November, with payrolls climbing by 44,700. The increases were widespread across the industry. Nursing and residential care facilities hired 10,400 workers, while both home health care services and outpatient care centers saw payrolls increase by 6,600. 

THE FED’S WAR ON INFLATION COULD COST 1M JOBS

A pedestrian passes a “Help Wanted” sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. (REUTERS/Brian Snyder / Reuters Photos)

The industry has returned to its February 2020 employment levels.

Another source of job creation in November was the government, which saw hiring climb by 42,000 last month. Within the sector, notable gains took place in local governments, which hired 32,000 workers – mostly in education – as well as state governments, which onboarded 11,000 new workers. The federal government, however, actually shed 1,000 workers last month due to a 5,700 employee drop at the U.S. Postal Service. 

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Employment in other industries, including social assistance (23,400), construction (20,000), manufacturing (14,000) and professional and business services (6,000) also increased last month. 

Former Chase chief economist Anthony Chan discusses what the better-than-expected November jobs report says about the U.S. economy and inflation on ‘Varney & Co.’

Those increases helped to make up for declines in retail trade employment, which tumbled by 29,900 in November. The losses largely stemmed from a 21,800 decline at department stores and a 10,300 drop at general merchandise stores, including warehouse clubs and supercenters. Certain sectors within the retail industry actually saw hiring increase last month, with auto dealers adding 6,900 new workers and food and beverage stores adding 4,500. 

Transportation and warehousing, meanwhile, shed 15,100 jobs, while employment in the wholesale trade sector fell by 3,300. 

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