The U.S. economy added 227,000 jobs last month, higher than the approximately 200,000 economists predicted. The unemployment rate rose to 4.2 percent and the labor force participation rate fell to 62.5 percent.
Bureau of Labor Statistics data show much of the employment gains were in health care, leisure and hospitality, government, and social assistance. Jobs were lost in retail trade.
Payroll employment rises by 227,000 in November; unemployment rate changes little at 4.2% https://t.co/ZwrVfLviqL #JobsReport #BLSdata
— BLS-Labor Statistics (@BLS_gov) December 6, 2024
Job Creators Network CEO Alfredo Ortiz pointed to President-elect Donald Trump's win as the reason for the "solid job market."
"Republicans' Election Day victory has renewed confidence among Main Street job creators," he said in a statement. "The tough economic times of the Biden-Harris administration are ending, and the strong Trump economy is returning.
"However, cracks in the labor market remain due to four years of bad Democratic policies," he continued. "Employment measured by the more accurate household survey fell again last month. The establishment survey shows around half of the new jobs created were created in the unproductive government and quasi-government sectors of the economy that don't drive economic growth. And retail jobs contracted as retailers face numerous regulatory and cost headwinds.
"Trump and Republicans can reward their small business support and reinvigorate the labor market by passing an extension to the Tax Cuts and Jobs Act, set to expire next year, immediately upon taking office as part of a broader small business agenda," Ortiz added. "Extending and expanding the TCJA would patch the cracks in the labor market, help retailers and all of Main Street, and deliver productive job creation for years to come."