'Strong But Stable': Economists React To The November Jobs Report On X, Formerly Twitter

Nonfarm payroll employment rose by 199,000 jobs in October, a little more than consensus estimates, the Bureau of Labor Statistics reported Friday.

The unemployment rate fell to 3.7%. 

U.S. Bureau of Labor Statistics

The healthcare industry saw the most jobs added in November, growing by 77,000. 

Commercial real estate-related industries saw growth as well, including leisure and hospitality, which added 40,000 jobs, almost all of which were in food services and drinking places. The leisure and hospitality sector has added an average of 51,000 jobs per month over the last 12 months. 

Manufacturing added 28,000 jobs in November, mostly a reflection of the end of the automotive industry labor strike.

Retail trade employment fell by 38,000 jobs in November. The retail trade sector has shown little change in employment over the course of the year.

The construction industry showed little change in employment in November after adding 23,000 jobs in October.

Here's how economists and others reacted to the jobs report on X, formerly Twitter.

 

The November #jobsreport is solid today:
-Payrolls +199k, up from 150k in Oct due to UAW/Hollywood strikes ending
-Unemp rate dropped back down to 3.7%
-Wage growth slows to 4.0% YoY

Boring is best here, with payrolls in line w/ expectations & unemp a touch better

1/

— Daniel Zhao (@DanielBZhao) December 8, 2023

 

This is what a soft landing looks like. Total employment increases by 199K (RSM forecast of 187K) & a decline to 3.7% unemployment. I like full employment & so should you.

— Joseph Brusuelas (@joebrusuelas) December 8, 2023

 

Annualized rate of wage growth over last three months is just 3.4 percent -- certainly consistent with Fed's inflation target

— Dean Baker (@DeanBaker13) December 8, 2023

 

199,000 jobs added in November. Strong hiring in health care and gov.

Healthcare +77,000
Gov't +49,000 (all from state & local)
Hospitality +40,000
Manufacturing +28,000 (due to UAW return)
Movie biz +17,000 (due to end of strike)
Social aid +16,000
Construction +2,000

Retail…

— Heather Long (@byHeatherLong) December 8, 2023

 

While everyone notes the 30k auto workers returning from strike in the November #JobsReport, I'm pretty happy to see 77k jobs added in healthcare & 49k jobs added in government. These sectors are *key* for a resilient economy since they are the jobs that make other jobs possible.

— Kate Bahn (@LipstickEcon) December 8, 2023

 

Good gains in state and local education, happy to see that since those sectors are still lagging pre-pandemic 1/

— Martha Gimbel (@marthagimbel) December 8, 2023

 

Three things are true:
1. Levels: Employment is high, and above pre-pandemic levels (and trends)
2. Changes: Employment is growing, and at rates historically considered strong
3. 2nd derivative: Employment growth is slowing. Better to call this "normalizing" given recent highs.

— Justin Wolfers (@JustinWolfers) December 8, 2023

 

Today was clearly a strong jobs report. But keep in mind that what we are really seeing is a stabilizing labor market. Signs of slowing last month, rebounding a bit this month: this is what a strong but stable labor market looks like. https://t.co/6Q13Bur3wg

— Betsey Stevenson (@BetseyStevenson) December 8, 2023

 

Two years ago unemployment went below 4 percent, while core PCE inflation was around 5-6 percent.

Core PCE is now below 3, and unemployment is still below 4.

That that could happens tells us a lot about what we went through; it also means we shouldn't sacrifice it. 6/6

— Mike Konczal (@mtkonczal) December 8, 2023

 

Continue reading this story with a free account

Log in or register
Related Topics: Jobs Report
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Site Centers To Stop Trading As It Winds Up Operations

Newmark: $179B In Low-Rate Real Estate Loans Face Refinancing Risk

Brookfield Veteran Departs To Become Pretium's Global Real Estate Lead

Lenders Accuse Nord Group Entities Of Pocketing Rents, Faking Insurance As Multifamily Empire Crumbles

Willy Walker On The Risks And Sacrifices Behind Walker & Dunlop's Growth

Howard Hughes Texas President Jim Carman To Step Down

Apartment Rent Declines Slowing, Demand Rising As Renter Pool Expands

Prologis Warns Higher Borrowing Costs Will Slow Industrial Deals, Development

After Rig Collapse, Citadel HQ Project Resumes With Safety Protocol Update

Swedish Real Estate Giant To Buy Stockbridge For Up To $550M

Space Race: How The Private Sector's Orbital Aspirations Are Driving CRE On Earth

Regulators Reject Proposed Rules For Data Centers On Nation's Largest Grid