NEWS Desk Global
SOLID US JOB GROWTH, DROP IN UNEMPLOYMENT RATE UNDERSCORE LABOR MARKET RESILIENCE
U.S. job growth accelerated in November while the unemployment rate fell to 3.7%, signs of underlying labor market strength that suggested financial market expectations of an interest rate cut early next year were probably premature.
The Federal Reserve's rate-hiking cycle was complete as annual wages rose moderately last month. Inflation has been cooling in recent months. The drop in the jobless rate from a nearly two-year high of 3.9% in October alleviated fears that the economy was close to tipping into recession. The U.S. central bank is expected to keep rates unchanged next Wednesday.
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